US-based private equity firm Aquiline Capital Partners has invested in the Dutch insurance broker Quintes Holding.
Financial terms of the deal were not disclosed.
Sister publication Debtwire reported in May this year that Quintes was in exclusive sale talks with Aquiline and that the insurance broker was being marketed based on adjusted EBITDA of around €18m.
Quintes CEO Gijsbert van de Nieuwegiessen said in a statement that the company aims to further strengthen its footprint across the Netherlands.
Aquiline chairman and CEO Jeff Greenberg said: "The Dutch insurance market presents significant opportunities for continued growth, M&A activity and the need for a dedicated, technology-enabled SME broker."
In 2017, Crestline Investors teamed up with debt fund Dexteritas Capital Partners to buy into Quintes.
Founded in 2012 and based in Culemborg, Quintes is an insurance broker with a focus on serving the Dutch SME sector. Quintes has around 360 employees serving 100,000 customers. It reportedly has an adjusted EBITDA of €18m.
Quintes Holding – Gijsbert van de Nieuwegiessen (CEO); Alex Klooster (CFO).
Vendor – KPMG (financial due diligence); De Brauw Blackstone Westbroek (legal).
Equity – ING (financial due diligence); Stibbe (legal).
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