QuestGates secures investment from Equistone
Rockworth advises claims solutions group QuestGates, as it secures funding from mid-market private equity firm Equistone
Equistone Partners Europe, one of Europe’s most active mid-market private equity investors, has announced its investment into QuestGates.
Rockworth advised the directors of QuestGates, acting as lead adviser throughout the entire investment process.
Our work with the QuestGates team began with a review of all strategic options, before commencing a formal and competitive process to secure investment from a leading private equity firm. We were delighted to help the team achieve their objective of securing an all-equity, no-debt, minority investment from Equistone.
“QuestGates is a complex business and we had very set ideas of what we wanted to achieve. Rockworth were patient and supportive throughout and were always available to support and help, challenging where need be but always looking for solutions not problems. We could not have achieved the investment that we wanted without their advice.”
Chris Hall
Chief Executive Officer, QuestGatesQuestGates was founded in 2003 as a specialist loss adjusting firm, providing outsourced services to the insurance sector. Led by chief executive Chris Hall, QuestGates has grown both organically and through strategic acquisitions that have diversified its service proposition.
Today, the company is the UK’s largest independent loss adjusting and claims solutions business, offering services including claims administration, surveying, engineering and legal services. QuestGates employs ~500 people and generated revenues of £41m in its latest financial year.
The QuestGates management team will remain unchanged, and Dominic Geer and Tristan Manuel from Equistone will join the board. Equistone will support QuestGates as it pursues its growth strategy, which includes further service diversification, technology development, and acquisitions.
Chris Hall, Chief Executive Officer of QuestGates, 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.”
Tristan Manuel, Director at Equistone, 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. That combination presents a fantastic opportunity for Equistone to help QuestGates continue to evolve its service offering, grow its client base and consolidate a fragmented market.”
