Newry crash handler Granite Financial is sold in deal to GFL SPV
A Newry crash management firm has been bought by a newly established Northern Ireland company.
GFL SPV Ltd has purchased Granite Financial Limited - which owns Crash Services - for an undisclosed sum.
The deal was completed with assistance from English law firm Shakespeare Martineau.
Accident management firm Crash was set up in 1996 and provides claims handling services to around 30 insurance brokers - as well as direct to the public - across Northern Ireland.
The company has a workforce of 50 people located in a number of regional locations and is one of the leading brand names in the sector.
Jonathan McKeown, managing director of buyer GFL SPV Ltd, said that while the transaction was complex "the team at Shakespeare Martineau kept matters moving forward and were with us every step of the way to get the deal over the line".
Keith Spedding, corporate partner at Shakespeare Martineau, said it was "great to assist Crash Services move onto the next stage of its development".
"It shows Shakespeare Martineau's ability to co-ordinate and advise on cross-border deals including security arrangements," he said.