The Combined Business Will Have an Expansive Global Operating Platform with Over 600Offices
Chicago, IL (February 10, 2009)–Cunningham Lindsey announced today that it has entered into a definitive agreement to purchase GAB Robins’ international businesses(excluding itsUK operations)and its U.S. forensic engineeringfirm, EFI Global. This acquisition will further Cunningham Lindsey’s position as a leading provider ofloss adjusting and claims management services to the global insurance markets.GAB Robins’ international businesses include operations in France, the Netherlands, Belgium, Ireland, South Africa, Australia, New Zealand, Malaysia, Taiwan, Hong Kong and China. The transaction is expected to close within seven days.
The combined business will have an expansive global operating platform with over 600offices and 5,600employees in more than 70 countries, includingleading positions in most major economies across five continents.
Cunningham Lindsey’scurrent businesses and those beingacquired from GAB Robins are complementary, with minimal geographic, operational, and client base overlap.The clients of the combined company will enjoy significantly broader service offerings, expertise and geographic reach. Further, the substantial increase in operational scale resulting from the combination enhances the company’s position asthe provider of choice for large multi-national corporations, major insurance carriers and brokers who are seeking consistent global service.
The management of Cunningham Lindsey and the acquired businesses of GAB Robins are enthusiastic about the opportunities that the expanded platform and capabilities will present. The combined company will operate under the Cunningham Lindsey brand identitywhile EFI Global will continue to use its name.
Philippe Bès, formerly President of the international operations of GAB Robins, has been appointed as Chief Executive Officer of the Cunningham Lindsey Group. Mr. Bès said: “Cunningham Lindsey’s shareholders, Stone Point Capital and Fairfax Financial,see the strategic benefit of merging selected businesses of GAB Robins with Cunningham Lindsey to create an international business with truly significant scale and expanded global reach. I look forward to leading the combination of two businesses with such impressive histories and reputations under the Cunningham Lindsey brand. This merger will provide our customers with expanded service capabilities and expertise while presenting employees of both companies with enhanced opportunities.”
Cunningham Lindsey is majority-owned by Stone Point Capital LLC, a leading private equity firm specializing in the global insurance and financial services sectors. Stone Point acquired its interest in Cunningham Lindsey in December 2007. Charles A. Davis, the CEO of Stone Point Capital, said:”We are excited about Cunningham Lindsey’s acquisition of these attractive segments of the GAB Robins Group. We have been impressed with the track record of successful growth and innovation embodied by this group of companies. We welcome GAB Robins and EFI Global management as partners in the combined business.”
EFI Global will continue to offer forensic engineering, fire investigation, environmental and specialty consulting services in the United States. Its clients include commercial, industrial, institutional, insurance, government, public and private entities that typically engage EFI Global for forensic analyses, defendable loss evaluations and strategic environmental solutions. The addition of EFI Global will greatly strengthen Cunningham Lindsey’s current product offering as aglobal risk management service provider.
Brera Capital Partners LP will continue to own the loss adjusting businesses of GAB Robins in the United Kingdom and the United States as well as third party administration operations in the United States.
StoneRidge Advisors, LLC and Merrill Lynch & Co.acted as financial advisorsto Cunningham Lindsey on the transaction.
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 surveys, environmental remediation, valuations and related services including training solutions serving the insurance and auto collision repair clients in the United States.
Cunningham Lindsey is owned by Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC, and Fairfax Financial Holdings, a financial services holding company engaged in property and casualty insurance and reinsurance and investment and Cunningham Lindsey management.