Investor group to buy Cunningham Lindsey

An investor group led by private equity firm CVC Capital Partners has announced it will acquire majority ownership in international claims adjuster Cunningham Lindsey after a recapitalization agreement.

Stone Point Capital has had a majority ownership of Cunningham Lindsey since 2007, with Fairfax Holdings also retaining a substantial amount of the company.  They will both remain “substantial and active shareholders,” according to a statement from CVC.

A separate statement from Fairfax said the Toronto-based company will “effectively sell its interest in Cunningham Lindsey for proceeds of approximately $260 million.” It will then invest about $35 million of that into shares of Cunningham Lindsey, it said.

Current CEO Philippe Bès will continue to manage the company with the rest of its existing management team, and will also join the board of directors.

“We are excited to welcome CVC as our new majority investor,” he said in a statement. “CVC shares our vision for the future expansion of Cunningham Lindsey, and together with our long-standing partners Stone Point and Fairfax, will enable us to continue to expand and enhance our position in the key insurance markets. CVC’s diversified international coverage will be a tremendous asset to capitalize on as we broaden our global presence supporting the unique capabilities and expertise that our clients need.”

The transaction is still subject to certain regulatory approvals and other closing conditions.