Parquest backs Polyexpert in first deal since ING spinout

The deal forms part of a capital restructure that saw a holding company take control of nine regional businesses forming the Polyexpert group. Parquest secured a minority stake in the process and is now the group's largest shareholder. The deal was sourced on a proprietary basis, according to the GP, and took 18 months to complete.

LCL, BNP Paribas, CIC Ouest and Banque Rhône Alpes provided a senior debt package to finance the transaction.

ING Parcom Private Equity span out from its parent firm Parcom Capital to become Parquest Capital at the end of April, and now manages a new fund with €300m in capital. ING's insurance arm NN Group is the cornerstone investor of the fund, having been the cornerstone for ING Parcom's previous funds. Ten other investors including Idinvest, LGT Capital Partners and Five Arrows have committed capital to the vehicle.

Parquest is keeping to its existing strategy, namely carrying out management buyouts and buy-ins of French companies with enterprise values in the range of €30-150m. The firm can supply equity tickets of up to €50m in transactions.

Company
Established in 1997, Polyexpert undertakes claims assessments on behalf of insurance companies, brokers and businesses. The group operates 98 offices and counts 1,100 members of staff. It is headquartered in Paris and posted a €120m turnover in 2013.

People
Pierre Decré, Thomas Babinet and Guillaume Brian worked on the deal for Parquest.

Advisers
Equity – Eight Advisory, Lionnel Gérard, Vincent Lepreux (Financial due diligence); Mayer Brown, Xavier Jaspar, Emily Pennec, Benjamin Homo (Legal, tax).
Vendors – Finelium, Bernard Pujol (Corporate finance); Cabinet Conorton, Florence Conorton (Legal).

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• Topics
• France
• Buyouts
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• France
• ING