CVC Capital Partners and Allied World Financial Services have acquired majority ownership of Cunningham Lindsey, a loss adjuster and claims management company, from existing shareholders Stone Point Capital and Fairfax Financial Holdings. Stone Point and Fairfax, along with the company’s management team, will remain substantial and active shareholders.
Cunningham Lindsey is a provider of independent loss adjusting and claims management services worldwide. In addition to its loss adjusting services, Cunningham Lindsey also provides engineering consultancy, risk management, risk survey, environmental remediation consultancy, valuation and related services. The company’s global network consists of approximately 7,000 people in 61 countries worldwide. Cunningham Lindsey is based in Tampa (www.cunninghamlindsey.com).
Cunningham Lindsey’s management team, led by CEO Philippe Bès, will continue to manage the company, and Mr. Bès has joined the company’s Board of Directors. “We are thrilled to have CVC’s support and expertise as we enter the next chapter of growth for our firm,” said Mr. Bès. “CVC’s international footprint and significant resources will help us expand globally as we continue to deliver the unique capabilities and expertise that our clients look for from us.”
CVC invests in industrial and service businesses. To date, CVC has raised over $44 billion in capital completing over 290 investments in a range of industries and countries across the globe, with an aggregate transaction value of $169 billion. In total, the firm manages over $37 billion and is investing from CVC Tandem Fund, CVC Fund V and CVC Asia III. The firm is based in London, UK and has a network of 19 offices and 230 employees throughout Europe, Asia and the United States (www.cvc.com).
“We look forward to supporting the global growth strategy of Cunningham Lindsey and working with its management and existing investors to continue to be a highly valued service partner for the company’s clients,” said Kamil Salame, CVC Partner and Head of the U.S. Financial Institutions Group.
BofA Merrill Lynch, Morgan Stanley Senior Funding, RBC Capital Markets and UBS provided fully committed financing to CVC for the acquisition of Cunningham Lindsey.
Cunningham Lindsey was advised on the transaction by BofA Merrill Lynch, Debevoise & Plimpton and Wragge & Co. The CVC led investor group was advised by Willis Capital Markets and Advisory, Weil, Gotshal & Manges and Clifford Chance.
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-11-12