Penningtons Manches’ corporate team have advised on the sale of Criterion Adjusters, Criterion Surveyors and Criterion Claims Management to international loss adjuster Charles Taylor Adjusting, a subsidiary of Charles Taylor plc for a maximum consideration of £13.1 million.
Criterion specialises in the UK high net worth (HNW) property, fine art and antiques insurance sectors. It is the preferred adjuster to many leading HNW insurers and handles a significant share of the market. The deal offers growth opportunities for both businesses. Criterion will benefit from Charles Taylor’s support functions and global network, meanwhile Charles Taylor will be able to extend its capabilities in the HNW adjusting market. Criterion will continue to trade under its existing name. The business will be led by its current management and clients will be served by existing teams.
The deal was led by corporate partner Simon Bickerdike, assisted by Bryan Park and Hannah McIlwraith. A number of colleagues in other departments also supported the transaction: Liz Cardy in the employment team, Becky Marsden in the real estate team, tax specialist Stephen Goldstraw and pensions specialist Clare Coley.
Simon commented: “It was a pleasure to work with Criterion’s management on this deal. We look forward to seeing the business continue to thrive as part of Charles Taylor plc.”