CVC Capital Partners Completes the Recapitalization of Cunningham Lindsey
NEW YORK -- December 11, 2012
Cunningham Lindsey Group Limited (“Cunningham Lindsey” or the “Company”), the
leading global loss adjusting and claims management firm, and a CVC Capital
Partners (“CVC”) led investor group including Allied World Financial Services,
Ltd announced the completion of a recapitalization by which funds affiliated
with CVC have acquired majority ownership of Cunningham Lindsey from existing
shareholders Stone Point Capital (“Stone Point”) and Fairfax Financial
Holdings (TSX: FFH) (“Fairfax”). Stone Point and Fairfax, along with the
Company’s management team, will remain substantial and active shareholders.
Terms of the transaction, which was previously announced on October 1, 2012,
were not disclosed.
Cunningham Lindsey is the largest loss adjusting and claims management firm
globally with a network of approximately 7,000 people operating in 61
countries. 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
“We are thrilled to have CVC’s support and expertise as we enter the next
chapter of growth for our firm,” commented Cunningham Lindsey CEO Philippe
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.”
Kamil Salame, CVC Partner and Head of the U.S. Financial Institutions Group,
commented, “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.”
Cunningham Lindsey was advised on the transaction by BofA Merrill Lynch,
Debevoise & Plimpton LLP and Wragge & Co. LLP. The CVC led investor group was
advised by Willis Capital Markets and Advisory, Weil, Gotshal & Manges LLP and
Clifford Chance. BofA Merrill Lynch, Morgan Stanley Senior Funding, Inc., RBC
Capital Markets and UBS provided fully committed financing to CVC.
About Cunningham Lindsey
Cunningham Lindsey is a leading provider of independent loss adjusting and
claims management services worldwide. In addition to its core loss adjusting
services, Cunningham Lindsey provides engineering consultancy, risk
management, risk survey, environmental remediation consultancy, valuation and
related services. Cunningham Lindsey’s global network consists of
approximately 7,000 people in 61 countries worldwide.
About CVC Capital Partners
CVC is one of the world's leading private equity and investment advisory
firms. Founded in 1981, CVC today has a network of 21 offices and some 280
employees throughout Europe, Asia and the US.
Currently, CVC manages funds on behalf of over 300 investors from North
America, Europe, Asia and the Middle East, who entrust their capital to CVC
for periods of 10 years or more. Raised from pension funds, financial
institutions and various other partners, CVC Funds seek to identify attractive
investments and develop sustainable, long-term value in close partnership with
management teams. To date, CVC has secured commitments of over US$50 billion
in funds from a diverse and loyal investor base, completing over 300
investments in a wide range of industries and countries across the globe, with
an aggregate transaction value of around US$167 billion.
CVC has significant experience in financial services investments, and its
dedicated Global Financial Institutions Group focuses on investing in leading
financial businesses across North America, Europe and Asia. CVC has a number
of portfolio companies in the financial institutions sector, including Acromas
Holdings (UK finance, motoring and leisure services provider), Avolon (global
commercial aircraft lessor), Brit Insurance (Lloyd’s-based global insurance
and reinsurance provider), Fraikin (European commercial vehicle operational
leasing company), Raet (Netherlands payroll processor), RCBC (Philippines
commercial bank), and Sun Hung Kai (Hong Kong retail brokerage house and
consumer finance company).
For Cunningham Lindsey:
Daniel Schulz, +1-630-678-8120
General Counsel North America
For CVC Capital Partners:
Mary Zimmerman, +1-212-333-3810
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