|[December 11, 2012]
CVC Capital Partners Completes the Recapitalization of Cunningham Lindsey
NEW YORK --(Business Wire)--
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 Directors.
"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 managementand
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
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