Private equity firm Gresham has backed a  £12.3 million MBO of Lanes Assistance Services (LAS), an outsourced claims management company for insurance firms.

Private equity firm Gresham has backed a £12.3 million MBO of Lanes Assistance Services (LAS), an outsourced claims management company for insurance firms.
 
The funds will buy-out existing shareholder Lanes Group and provide capital to develop LAS’ infrastructure and personnel to drive future growth.
 
Andy Marsh, partner at Gresham, says: ‘We have been looking to invest again in this market for some time now. The key for us has been to identify a market leading business that delivers real and quantifiable cost savings for its insurer companies.’
 
Recent Gresham investments in the insurance and claims management sectors include insurance broker Giles, which was exited in 2008 yielding an initial rate of return to Gresham of 2.8 times its first investment.