Private equity investor backs professional services firm
A Birmingham-based loss adjustment provider has secured investment from mid-market private equity firm Equistone Partners.
Founded in 2003, QuestGates group has grown to employ 500 staff across its 12 UK and Ireland offices. The once niche loss adjustment business has evolved into a professional services business providing multi-disciplinary loss adjusting, claims handling, surveying, engineering and legal services, generating revenues of £41m.
CEO Chris Hall will continue to lead the company and alongside the wider team of QuestGates employees, will remain majority shareholders in the business.
Equistone’s all equity/no debt minority investment in the company will support the delivery of QuestGates’ existing growth strategy. This will comprise both organic growth initiatives, such as a move into wider specialist claims services and development of their suite of technology products, as well as continued acquisitive growth, building on the 18 M&A deals completed by the company since 2003.
Equistone has invested more than €1bn in 14 financial services businesses across Europe. Directors Dominic Geer and Tristan Manuel will join the board of QuestGates
Chris Hall, CEO of QuestGates said: “Over the 20 years since incorporation, QuestGates has grown to be a leader in the UK loss adjusting and claims sector. We undertook an extensive review to identify a partner who could provide the capital and support that would allow us to maintain our growth and continue investing in innovation and service quality.
“With its long-term approach, track record of supporting UK financial services businesses and cultural alignment around our focus on our customers and staff, Equistone is the right fit as the partner to support the next phase of our development.”
Tristan Manuel, Director at Equistone, said: “We are delighted to be partnering with Chris and his team to support the next chapter in its growth. The company has a highly experienced leadership team with strong networks and also boasts a track record of long-term organic growth and successful M&A activity. That combination presents a fantastic opportunity for Equistone to help QuestGates continue to evolve its service offering, grow its client base and consolidate a fragmented market.”
Completion of the transaction is subject to customary regulatory approvals.
