Private equity company Equistone Partners Europe has invested in QuestGates, an insurance loss adjusting and claims solutions group.
QuestGates, with headquarters in Birmingham, operates 12 offices across the UK and Ireland.
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Since its inception in 2003, the company has grown from a niche loss adjusting provider into a multifaceted professional services business, offering a range of services including loss adjusting, claims handling, surveying, engineering and legal services.
With a workforce of approximately 500, QuestGates reported revenues of £41m ($52.25m) in the 2023/24 financial year.
The investment from Equistone, which is structured as an all equity/no debt minority stake, is set to support QuestGates’ ongoing growth strategy.
This includes organic growth through diversification into specialist claims services and the development of proprietary technology products, as well as acquisitive growth, building on the company’s 18 mergers and acquisitions (M&A) deals since 2003.
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By GlobalDataThe management team, led by CEO Chris Hall, will remain at the helm, with the QuestGates employees retaining majority ownership.
Dominic Geer and Tristan Manuel from Equistone will join QuestGates’ board, bringing additional expertise to complement the management team’s industry knowledge.
QuestGates CEO Chris Hall 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.”
Equistone director Tristan Manuel 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.”
The completion of the deal is contingent on the receipt of regulatory approvals.
Earlier in April, QuestGates enhanced its structural engineering capabilities with the acquisitions of Martin Evans Associates and BTA Structural Design.
