Wed, 19 Feb 2014 | MERGER
The Innovation Group has purchased vehicle repair provider Crash-worth to add to its own business in a deal worth £11.75 million.
The buyer Innovation Group offers business process services and software solutions to sectors including insurance, fleet, property and automotive across the globe.
The acquisition sees the addition of Crash-worth’s motor repair operations, to make the business the second biggest manager of vehicle repair claims in Britain.
Crash-worth also offers a consultancy service for those wanting to create a competitive advantage in a rapidly changing environment.
Chris Ashworth, the founder of Crash-worth, will become managing director of the UK motor business.
Solicitor firm Irwin Mitchell in Sheffield advised on the sale. Andrea Cropley, Irwin Mitchell partner and head of corporate in the North, told the Business Desk: "Crash-worth is a valuable addition for The Innovation Group and puts it in a very strong position in the UK’s motor claims management market."
Innovation Group is also set to buy building claims manager LAS Claim Management for £35 million. The deal is subject to the completion of fundraising, to include a £65 million fundraising share issue.
The deal would enable Innovation Group to enter the UK property market, with plenty of cross-selling opportunities across its customer bases.
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