Belfor Holdings acquires world’s largest insurance restoration company

Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of the management buyout, the company will continue to be run by president and CEO Sheldon Yellen, and his counterpart, Bernd Elsner, chairman and CEO of European and Asian operations. Both are 20-plus year veterans of the industry; Yellen has been with Belfor and its heritage companies since 1985.Belfor’s global headquarters will move from Duisburg to Birmingham, Michigan, effective immediately, and be incorporated in Delaware.Belfor has 3,350 employees in 160 offices in 27 countries, including 72 offices in North America (including Canadian locations).Belfor anticipates 2006 sales of approximately US$900 million.”Repurchasing Belfor gives us the opportunity to manage the continued growth of the company,” Yellen said. “We take great pride in our unsurpassed ability to put companies back in business and helping homeowners to recover quickly after disaster strikes.”Belfor began business as Quality Awnings & Construction in Dearborn, Michigan, in 1946, and then become Inrecon LLC in 1981. In 1997, 25% of the firm was sold to Masco Corp. of Taylor, Michigan. The remainder was sold in 1999, before its subsequent purchase by Haniel in 2001. After the Haniel purchase, the company’s name was changed to Belfor.