As its first operation since taking its independence from ING Group in April, Parquest Capital invests in the Group Polyexpert, one of France’s leading loss‐adjusters, serving insurance companies, brokers and corporates.
Parquest Capital becomes the largest shareholder of Polyexpert by acquiring a minority stake, alongside 125 loss‐adjustment experts. The operation consists in a complex shareholding reshuffle, allowing the mother company of the Group to take full control of 8 out of 9 of its regional subsidiaries, and ensuring the shareholding transmission to a new generation of loss‐adjustment experts.
Founded in 1997 by the association of independent regional loss‐adjusters, Polyexpert has rapidly expanded over the 2000’s, through both organic growth and the adjunction of independent loss‐adjusters. At the same time, the group has initiated a progressive process of operational and functional integration.
Polyexpert is one of France’s leading loss‐adjusters and claims management service providers for property & casualty damages and technical risks of both corporates and private individuals (excluding car damages). It has an extensive coverage of French territory, with a network of 98 offices and 1,100 employees, including 550 loss‐adjustment experts. In 2013, the Group posted revenues of €120 million.
The operation marks a new stage in the process of the Group integration. It will strengthen the ability of Polyexpert to address the challenges ahead and foster its development, thanks to a simplified governance, a renewed and highly skilled management team led by the Group CEO Emmanuel Géli, and an increased investment capacity.
The operation, realized without M&A intermediary, has taken close to 18 months of preparation.
- Buyers: Parquest Capital (Pierre Decré, Thomas Babinet, Guillaume Brian)
- Senior debt: LCL (Anne‐Lise Allard, Céline Autran), BNP Paribas (Jean‐Marie Fabre, Carole Despres), CIC Ouest (Olivier Marcelin, Nadine Divet), Banque Rhône Alpes (Albert Serrano, Isabelle Pereira)
- Financial due diligence: Eight Advisory (Lionnel Gérard, Vincent Lepreux)
- Legal advice and due diligence: Mayer Brown (Xavier Jaspar, Emily Pennec)
- Tax due diligence: Mayer Brown (Benjamin Homo)
- Sellers: Loss‐adjustment experts Financial advice: Finelium (Bernard Pujol)
- Legal advice: Cabinet Conorton (Florence Conorton)