STELLIANT
Acquired by
NAXICAP PARTNERS
STELLIANT acquired by NAXICAP PARTNERS
Target
STELLIANT
Acquirer
NAXICAP PARTNERS
Context
The fifth LBO of Texa represents a major turning point in the organization's trajectory, signaling a shift toward industrialized claims management and real estate services. The strategic rationale for this transaction centers on an "external-growth" play, merging the group’s industry-leading technical operational depth in loss adjustment with the sponsor’s extensive expertise in executing high-velocity build-up strategies. This structural alignment provides the organization with the institutional capital and strategic hardware required to address the increasing complexity of the property and casualty insurance market. This operation allows the group to execute a definitive structural expansion of its service suite, particularly by building upon previous successful integrations like Geop and Eurisk. By incorporating the sponsor's strategic discipline, the organization is now positioned to leverage its recognized leadership in "repair-in-kind" solutions to drive deeper market penetration among primary European insurance carriers.
STELLIANT, which reported an EBITDA margin of LOGIN in 2015, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 14.0x average currently observed in the Financial Services sector.
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Target
Stelliant (ex Texa) is a France company specialized in Claims Management & Loss Adjustment Services. The organization has established a global reputation as a primary enabler for insurance carriers, focusing on the development of high-fidelity loss adjustment and technical services. At the heart of their operations is a philosophy of technical operational depth, merging traditional insurance expertise with specialized real estate diagnostics, including asbestos, lead, and energy performance assessments. They differentiate themselves through a "full-service" value proposition that covers the entire claim lifecycle, from initial damage assessment to in-kind repairs and management.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with STELLIANT
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 10/2012 | APAX PARTNERS | STELLIANT | FRANCE | Insurance | The acquisition of Texa by Apax Partners represents a major turning point in the professionalization of the French loss adjustment market. The strategic rationale for this transaction centers on an "industrial-consolidation" play, merging the group's industry-leading technical operational depth in P&C expertise with the sponsor's extensive expertise in executing high-velocity buy-and-build strategies. This structural alignment provides the organization with the institutional capital and strategic hardware required to address the increasing complexity of the "mass-claim" and technical risk segments. This operation allows the organization to execute a definitive structural expansion of its service suite, particularly by moving into upstream and downstream activities such as third-party management and in-kind repairs. |
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