The founder of CodeBlue, a water mitigation firm in downtown Springfield, is taking ownerwhip of the business again after stepping down as the company’s CEO a few years ago.
Paul Gross and Dan Wilson have acquired a majority share in Insurance Claims Management Inc. as part of an invevstor group that acquired all of the equity and assets of the company in an all-cash deal. Insurance Claims Management Inc. is the parent company of HSG and Code Blue. Gross served as CEO of ICM from its founding in 2004 to 2014.
Previously the Riverside Co., a private equity firm, held majority ownership of Insurance Claims Management Inc., Gross said. Although he founded CodeBlue, Gross stepped away as CEO to open the Bluebird Retirement Community in Madison County. Gross said he plans to remain involved in that business as well.
“The business was for sale, we saw an opportunity and we decided to pursue it,” Gross said of ICM.
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CodeBlue acts as a liaison between homeowners, insurance companies and independent contractors. Insurance firms contract with CodeBlue to dispatch contractors to sites where water damage has occurred. HSG is an independent third party administrator for the property and casualty insurance industry, according to its website.
Combined, Gross estimated they have more than 400 employees. Insurance Claims Management is headquartered in Springfield and Eau Claire, Wisc.
Under the new ownership, Wilson will become CEO of ICM. Wilson most recently served as executive chairman of APU Solutions, which provides services to the insurance and collision-repair industries.
Gross said the move will allow him to return his attention to the business he helped found.
“It’s lost a little bit of its focus in recent years and we’re going to re-energize the business,” Gross said.
According to information on its website, Riverside has been involved with ICM since 2007 and supported the company’s expansion into additional property services, including contents valuation, inventory and flooring services.
“We’re proud of the work we’ve done to support ICM,” Riverside Managing Partner Stuart Baxter said in a statement on the company’s website. “We’ve enjoyed working with a management team that’s helped transform the company into a value-added provider in a growing industry.”