Equistone Partners Europe made an investment in QuestGates, a Birmingham, UK-based independent provider of complex loss adjusting and claims solutions.
QuestGates operates out of 12 offices across the UK and Ireland.
Founded in 2003, the company has evolved from a niche loss adjusting provider into a professional services business providing multi-disciplinary loss adjusting, claims handling, surveying, engineering and legal services. QuestGates employs c.500 people and generated revenues of £41m in the 2023/24 financial year.
QuestGates’ management team, led by CEO Chris Hall, will continue to lead the company and, alongside the wider team of QuestGates employees, remain majority shareholders in the business.
Equistone’s minority investment in the company will support the continued delivery of QuestGates’ existing growth strategy. This will comprise both organic growth initiatives, such as further diversification into wider specialist claims services and development of the company’s proprietary suite of technology products, as well as continued acquisitive growth, building on the 18 M&A deals completed by QuestGates since 2003.
Equistone’s Dominic Geer and Tristan Manuel will join the board of QuestGates.
Completion of the transaction is subject to the customary regulatory approvals. Dominic Geer, Tristan Manuel, Taha Hasan and Steve O’Hare led the transaction on Equistone’s behalf. Equistone was advised by Hines Associates, Deloitte, PwC and DLA Piper.
FinSMEs
05/08/2024