Transaction overview
Team One Insurance Services, a leading multi-line independent insurance claims adjusting company based in the United States, acquired ProStar Adjusting, LLC on March 20, 2024. The financial terms of the deal were not disclosed publicly. ProStar is an independent insurance claims adjusting firm headquartered in Weatherford, Texas, known for its family-centered approach to serving clients and policyholders.
Deal structure and financing
The acquisition was funded through a combination of equity from Longshore Capital Partners, a Chicago-based private equity firm, and other financial instruments. The exact mix of debt and equity remains undisclosed. Benchmark International served as the exclusive financial advisor to both Team One and ProStar on this transaction. No specific leverage metrics or lock-up terms were announced at this time. Additionally, there was no mention of seller-retained stakes or IPO optionality in connection with this deal.
Strategic context
Team One's acquisition of ProStar Adjusting aims to broaden its customer base across leading insurance carriers while enhancing its capabilities in both daily and catastrophe claims management services. The rationale for the acquisition is rooted in the complementary nature of ProStar’s operations, particularly in expanding Team One’s geographic reach and service offerings. For ProStar, divesting to a larger entity like Team One provides an opportunity to scale operations and access additional resources while maintaining its established reputation for quality service.
Regulatory path
As of now, no specific regulatory hurdles or filings have been publicly disclosed in connection with the acquisition of ProStar Adjusting by Team One Insurance Services. Given that both companies operate primarily within the United States, any regulatory review would likely involve federal antitrust authorities such as the U.S. Federal Trade Commission (FTC) and/or the Department of Justice (DOJ), depending on the nature and scope of their operations in various states. No specific timelines or filing dates for HSR filings have been announced to date.