European private equity firm CVC Capital Partners has acquired a controlling stake in insurance-focused building repairer Ambrose Construct Group.

Ambrose CEO Anthony McLean says the investment will help the group “enhance delivery for our stakeholders, with a focus on customer-centric technology and process innovation, service specialisation and expanding where our clients need us most.

“CVC brings access to growth capital and extensive experience, with a global perspective, which we look forward to leveraging to continue to lead the industry into the future.”

The private equity firm says the partnership “will help drive the next phase of growth for [Ambrose] … a leading national provider in Australia’s essential insurance repair and restoration industry, with unique technology and workflow capabilities that enable delivery at scale of high-quality service and customer experience to insurers and their underlying policyholders.”

The deal comes after Ambrose’s bid to acquire Major Loss Builders was approved last month by the Australian Competition and Consumer Commission.

An IBISWorld report says Ambrose earned overall revenue of $303.43 million last year from its insurance building and restoration services business.

CVC Australia head Richard Blackburn says the private equity manager has been following Ambrose’s “successful growth in recent years, underpinned by its leading technology platform, strong leadership and high-performance culture. We are delighted to be partnering with Anthony and his team to support the future development of [Ambrose].”

The acquisition is expected to complete early next year, subject to regulatory approvals.