A Springfield-based water mitigation firm will be merging with a Colorado company in a move designed to allow both to offer more services to customers.
CodeBlue, which has an office in downtown Springfield and employs over 200 people in the area, provides interior damage assessment services related to property claims. The company works with both insurance carriers and policy holders.
It will merge with MADSKY, which focuses on exterior damage assessment. The merger is being facilitated by Aquiline Capital Partners, a private equity firm in New York, after it purchased a majority share in both companies.
The transaction was finalized Thursday night and announced on Friday, said CodeBlue founder and co-owner Paul Gross. He did not disclose the purchase amount for the shares were purchased.
But, he said that Aquiline Capital purchased the majority of shares for his company during a private deal that has been in the works for several months.
The idea of the merger is to expand the offerings of both CodeBlue and MADSKY.
“The combination will bring together two industry-leading providers, offering a unique and unified interior and exterior emergency services and direct repair capability,” stated a news release from Aquiline Capital.
“The combined entity will offer unique, value-added and mutually beneficial solutions to insurance carriers, property managers and individual property owners,” said Hunter Powell, the CEO of MADSKY, in the news release.
He will become the CEO of the combined business once the merger is complete, the news release noted.
Gross said that this will represent massive growth for CodeBlue as it expands its offerings.
“It will allow us to grow immensely inside the market,” he said, noting that his company is actively recruiting more people for its Springfield operation.
Gross said that CodeBlue is currently looking to hire 20 to 30 more people in the area and expects that number to grow in the near future.
He said they plan on staying in the Springfield area and that their two locations in Ohio and another in Wisconsin will stay the same at this time.
The merger comes as a number of CodeBlue’s employees in Springfield are working remotely due to the coronavirus pandemic. Gross said that more than 60 percent of employees were working outside of the office on East Main Street.
But, he noted that some employees work a mix schedule where they will spend a few days working in the office and other days working from home.
He told the News-Sun in June that the company has been using virtual means to recruit and interview new employees during the pandemic. Those interested in applying are asked to visit the company’s website www.codeblue360.com.
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