Springfield-based CodeBlue to merge following transaction with private equity firm

CodeBlue, based in downtown Springfield, will be merged with another company. BILL LACKEY/STAFF

A private equity firm in New York recently purchased the majority shares for the Springfield-based CodeBlue, a move the latter says will greatly expand its operation.

CodeBlue manages insurance claims and works with both insurance carriers and their policy holders. The company is based in downtown Springfield and focuses primarily on interior damage assessment for property claims.

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The transaction with Aquiline Capital Partners was finalized on Friday as part of a private deal. As a result, CodeBlue will be merging with MADSKY, which focuses on exterior damage assessment and is based in Colorado.

Representatives of CodeBlue said the transaction and merger represents a boost for their business and will expand the types of services offered to customers.

The company has no plans of leaving the Springfield area, said CodeBlue founder and co-owner Paul Gross.

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