QuestGates Makes Dual Acquisition of Toppings Forensic Accountants and Brownsword Group
Deal News | Jan 07, 2025 | Equistone Partners Europe
Equistone Partners Europe-backed company, QuestGates, the UK's largest independent provider of complex loss adjusting and claims solutions, has announced the acquisition of Toppings Forensic Accountants and Brownsword Group. Toppings, based in Manchester, specializes in forensic accounting for motor claims and will continue to operate under its brand while becoming part of the QuestGates group. Brownsword Group, also Manchester-based, provides claims investigation services in the motor industry to insurance companies. The acquisitions, the first announced by QuestGates since Equistone's investment in September 2024, mark the fifth and sixth additions to the QuestGates portfolio within two years. QuestGates aims to enhance its motor claims capabilities and solidify its market position by offering new specialist capabilities and an end-to-end outsourced motor investigation service. Tristan Manuel, Director at Equistone, cites market consolidation as a key driver of the investment, highlighting the acquisitions as highly strategic. Chris Hall, CEO of QuestGates, emphasizes the complementarity of services and growth potential from these acquisitions.
Sectors
- Insurance and Claims Management
- Private Equity
- Forensic Accounting and Investigation
Geography
- United Kingdom – All companies involved—QuestGates, Toppings, and Brownsword—are based in the UK, where the transactions and business operations are centered.
Industry
- Insurance and Claims Management – QuestGates, Toppings, and Brownsword operate within the insurance sector, offering loss adjusting, claims management, and forensic accounting services specifically for motor claims.
- Private Equity – Equistone Partners Europe is a private equity firm actively investing in and supporting QuestGates' growth strategy through acquisitions.
- Forensic Accounting and Investigation – Toppings provides specialized forensic accounting services, while Brownsword offers claims investigation services, both important elements in this acquisition.
Financials
- Undisclosed – The financial terms of the acquisitions of Toppings and Brownsword by QuestGates remain undisclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Equistone Partners Europe | PE Firm, Investor | Company | A private equity firm that has invested in QuestGates and supports its strategic acquisitions. |
| QuestGates | Acquiring Company | Company | The UK's largest independent provider of complex loss adjusting and claims solutions, acquiring Toppings and Brownsword. |
| Toppings Forensic Accountants | Target Company | Company | A Manchester-based forensic accounting firm specializing in motor claims, recently acquired by QuestGates. |
| Brownsword Group | Target Company | Company | A Manchester-based claims investigation services provider to the motor industry, recently acquired by QuestGates. |
| Tristan Manuel | Director | Person | Director at Equistone Partners Europe, expressed excitement over QuestGates' acquisitions and growth strategy. |
| Chris Hall | Chief Executive Officer | Person | CEO of QuestGates, who commented on the strategic importance of the acquisitions for the company. |