Ridgemont Equity Partners, a Charlotte-based middle market private equity investor, has announced its acquisition of CRS, a tech-enabled insurance claims services provider. CRS specializes in delivering temporary housing, managed repair, and other related claims services to insurance carriers and policyholders across the United States.\n\nFounded in 1989 and headquartered in Phoenix, Arizona, CRS maintains a national network for temporary housing and managed repair solutions. This infrastructure enables the company to respond rapidly to the needs of carriers and policyholders when homes are damaged by incidents such as water leaks or fires.\n\nCRS holds longstanding relationships with major U.
S. insurance carriers, often serving as the initial service provider engaged following a First Notice of Loss (FNOL). The company facilitates immediate accommodations for policyholders and assists them in selecting suitable longer-term housing for the duration of their home’s repair or rebuild.\n\nThrough its managed repair solution, CRS contracts with a national vendor network to oversee the repair process on behalf of both the carrier and policyholder. This approach is designed to help policyholders return to their homes as efficiently as possible. CRS leverages proprietary technology and a dedicated team to manage the entire temporary housing and repair process, aiming to maximize policyholder satisfaction for carriers.\n\nEric Langerman, Principal at Ridgemont, stated, “Within our business services sector practice and over the past handful of years, Ridgemont has intently evaluated many insurance services companies in search of a platform investment that leverages domain expertise, technology and commitment to customer service to create differentiation. CRS fits squarely into that framework. As claim complexity increases, CRS is uniquely positioned to grow by supporting carriers and policyholders with speed, scale, a growing portfolio of solutions, and exceptional service.”,\n\nChris Hunter, CEO of CRS, commented, “We have built a strong foundation for growth, and we are energized by what lies ahead for our platform and our partnership with Ridgemont. Together, we see meaningful opportunities to grow with existing and new customers in the temporary housing space while also expanding into adjacent services at the First Notice of Loss, making the recovery process faster, more coordinated, and more efficient for the policyholders and carriers we serve.”,\n\nCharles Anderson, Partner at Ridgemont, added, “From the beginning of our conversations, we were impressed by the caliber of the team at CRS. Chris Hunter and his leadership team bring a special combination of operational rigor and compassion to an incredibly disruptive and emotional moment in a policyholder’s life. CRS delivers meaningful support when families need it most and plays a critical role for insurance carriers. It is a terrific platform from which to continue to grow as a leader in FNOL services.”,\n\nThe senior leadership team at CRS will maintain a significant investment in the company alongside Ridgemont. William Blair served as financial advisor to Ridgemont, with Alston & Bird providing legal counsel. Piper Sandler & Co. and Baird acted as financial advisors to CRS, while Kirkland & Ellis and Dorsey & Whitney provided legal advice. Debt financing for the transaction was arranged by Antares Capital, Apogem Capital LLC, Crescent Direct Lending, Churchill Asset Management, and Manulife Investment Management.
