PAISLEY-based Lambert Contracts, a specialist in carrying out reinstatement work for insurers, has attracted a £3.8 million equity investment from Maven Capital Partners as it eyes expansion in Scotland and possibly northern England.
Greg Chalmers, who acquired a controlling stake in Lambert Contracts in 2003, will continue to run the business and will still be a significant shareholder.
Julie Glenny, the investment director at Maven who worked on the deal, said of Mr Chalmers: "He has been the driving force of the business. He has worked really hard in developing relationships with his key clients, which are really insurance companies and loss adjusters."
Noting Lambert did much of its work in and around Glasgow, Ms Glenny added: "Through their relationship with existing clients, there is an opportunity for them to expand elsewhere in Scotland and, potentially, into the north of England."
She noted Lambert's current client base included insurance industry players Lloyds Banking Group and Direct Line, and loss adjusters Cunningham Lindsey and GAB Robins.
Lambert employs about 105 people, and provides work for about a further 30 sub-contractors.
Ms Glenny noted the use of sub-contractors gave Lambert the flexibility to cope with spikes in demand, following storms or floods.
She said Lambert had increased turnover and profits in each of the last three years, describing this as a "really impressive financial performance".
Ms Glenny put Lambert's annual turnover at about £9m.
Glasgow-based Maven's £3.8m investment is being made through venture capital trusts which it runs and a syndicate of high-net-worth individuals who are clients of the private equity house.
Insurance reinstatement services undertaken by Lambert include drying of buildings which have been flooded, as well as electrical, joinery, painting and decorating, plastering, plumbing and gas engineering, roofing, and tiling work.
Lambert is also a fire-safety contractor, and is involved in property maintenance, repairs and construction.
Ms Glenny, who joined Maven in May 2011 after holding several roles in the corporate arena with Bank of Scotland, said the private equity house had started discussing investment in Lambert last November.
She said: "He (Mr Chalmers) saw an opportunity to get private equity investment into the company, just to help them drive the business forward and accelerate the growth strategy. He had some fairly firm ideas, when we first met with him, as to where he wanted to take the business."
Ms Glenny highlighted Lambert's focus on "quality and service".
She said: "Lots of these big insurance companies have fairly rigorous audit processes. They (Lambert) deliver very well. They have managed to grow the business very well on the back of that."
She cited Mr Chalmers' heavy investment in a bespoke information technology system which allowed Lambert to monitor jobs.
Maven was formed through a management buy-out, in 2009, of Aberdeen Asset Management's private equity business.
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