Gresham sells LAS Claims Management for £35m

Gresham backed the £12.3m management buyout of LAS from majority shareholder Lanes Group in April 2010.

Company
Birmingham-based LAS provides outsourced services that handle claims relating to property-related issues including storm damage, burst pipes, flood, fire, theft and accidental damage. The bulk of its revenues are generated from water-related claims, known in the industry as ‘wet' perils.

For the year ending on 31 July 2012, LAS reported revenues of £34.3m and a £0.3m loss before tax (after deducting £1.4m of interest related to shareholder loan notes), and £17.8m of gross assets. Over the last 18 months, the company has restructured its balance sheet and EBITDA now stands at £3.5m.

People
Following the deal, LAS CEO Darren Copper will join Innovation Group, as will LAS's senior management team.

Andy Roberts is the CEO of Innovation Group.

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• Gresham Private Equity
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