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

CodeBlue, based in downtown Springfield, will be merged with another company. BILL LACKEY/STAFF
News
By Hasan Karim
Oct 2, 2020
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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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About the Author

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Hasan Karim, covers all things business in Clark and Champaign counties. Has been a reporter since 2017. His focus is primarily on job creation and covering the largest companies in the area. He also reports on the local healthcare industry as well as local government.