Scaled Insurance Claims Services Provider Positioned for Accelerated Growth

Ridgemont Equity Partners, a middle market private equity investor, today announced its acquisition of CRS (or the “Company”), a tech-enabled insurance claims services provider focused on delivering temporary housing, managed repair, and other adjacent claims services to insurance carriers and policyholders nationwide.

CRS, founded in 1989 and headquartered in Phoenix, Arizona, maintains a national presence with a deep network of temporary housing and managed repair solutions, enabling it to quickly respond to carrier and policyholder needs when a home is damaged due to a water leak, fire, or other incident. The Company has longstanding relationships with the largest U.S. insurance carriers and often serves as the first service provider engaged by the insurer following First Notice of Loss (“FNOL”). CRS quickly connects with the policyholder to arrange immediate accommodations, then supports the policyholder in selecting longer-term housing tailored to their needs for the duration of the home’s repair or rebuild. Through its managed repair solution, CRS contracts with a national network of vendors to manage the repair process on behalf of the carrier and policyholder, enabling the policyholder to move back into their home as quickly and efficiently as possible. CRS leverages proprietary technology and a dedicated team to carefully manage the entire temporary housing and repair process for carriers while maximizing policyholder satisfaction.

“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,” said Eric Langerman, Principal at Ridgemont. “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.”

“We have built a strong foundation for growth, and we are energized by what lies ahead for our platform and our partnership with Ridgemont,” said Chris Hunter, CEO of CRS. “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.”

“From the beginning of our conversations, we were impressed by the caliber of the team at CRS,” said Charles Anderson, Partner at Ridgemont. “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.”

The senior leadership team at CRS will remain significantly invested in the Company alongside Ridgemont. William Blair and Alston & Bird served as financial and legal advisors to Ridgemont, respectively. Piper Sandler & Co. and Baird served as financial advisors to CRS, and Kirkland & Ellis and Dorsey & Whitney served as legal advisors to CRS. Debt financing for the transaction was provided by Antares Capital, Apogem Capital LLC, Crescent Direct Lending, Churchill Asset Management, and Manulife Investment Management.

About CRS

Founded over 35 years ago, CRS is a leading tech-enabled outsourced services platform providing end-to-end temporary housing and managed repair solutions for policyholders on behalf of insurance carriers. The Company assists policyholders in times of crisis, ensuring they have high-quality shelter immediately after being displaced from their residence. CRS sources a wide variety of hotel and housing accommodations as well as furniture and housewares to meet the unique needs of each policyholder. Through its managed repair solution, CRS offers a national network of high-quality vendors to quickly and cost-effectively repair damage to a policyholder’s home. With the Company’s nationwide coverage, 24/7 availability, quick turnaround, and personalized customer service, it has grown into a trusted partner for over 100 national and regional insurance companies across the U.S. www.crsth.com

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business services, healthcare, and industrials sectors for over three decades. The principals of Ridgemont have demonstrated an industry-focused model designed to build distinctive middle market companies. www.ridgemontep.com

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