Private equity firm Kelso & Co. LP, which has a significant background in financial services investing, is buying a majority stake in global consulting firm J.S. Held LLC for an undisclosed sum.

J.S. Held's current majority owner Lovell Minnick Partners LLC will exit its investment in the business. The deal is scheduled to close during the third quarter.

J.S. Held provides consulting services related to insurance claims and construction-related matters. The company said it expects the partnership with Kelso to help it expand global operations and enhance its expertise to continue its growth.

William Blair & Co. and Morgan Lewis & Bockius LLP were the advisers to Lovell Minnick and J.S. Held. Debevoise & Plimpton LLP was Kelso's adviser.