Apax Partners acquires Texa, a leader in loss adjustment and real estate diagnosis
Paris, 2 October 2012 The funds managed by Apax Partners France have acquired a majority stake in Texa, one of Frances leading loss adjusters and real estate diagnosis companies. The transaction was carried out alongside Texas founder, Christian de Belair, Pragma Capital and the management team, all of whom remain shareholders in the company.
Founded in 1987 as a merger of six loss adjusters, Texa expanded very quickly through a combination of organic growth and acquisitions of independent loss adjusters. Initially specialising in large technical risks, Texa has expanded into all other non-life insurance segments (theft, fire, water damage, property damage, third-party liability, business interruption, construction, etc.), with the exception of auto insurance.
Texa is now one of Frances leading loss adjusters in non-life and large technical risks, serving the major insurers. The group has also been active in the real estate diagnosis market since the 2009 acquisition of AlloDiagnostic, Frances first integrated national network of real estate diagnosis inspectors.
Texa has 80 offices throughout France and 1,300 employees, including 430 loss adjusters and 100 real estate inspectors. In 2011, the group posted revenue of 106 million.
Backed by its new shareholder, Texa aims to develop further by enhancing its service offering, implementing innovation-driven improvements across its business, expanding is network, and seizing bolt-on acquisition opportunities for key assets in a market that is consolidating to the benefit of the largest players.
Bruno Vesval, Chairman of Texas Board said, The entry of Apax Partners into Texas capital structure, alongside the current shareholders, will enable us to accelerate our growth over the next few years. We are delighted to enter into a partnership with Apax Partners, a contributor to the development and success of a significant number of French companies.”
Monique Cohen, Partner, Apax Partners added, In a steadily growing and consolidating market, Texa displays significant advantages for strengthening its leadership position. As an integrated player, the company stands out for its extensive geographic coverage, its industrialised processes and its capacity for innovation, which allow it to guarantee its clients top-class responsiveness and service quality. We are pleased to partner with a dynamic and ambitious team to drive Texas future development.”
Denis Catz, Partner, Pragma Capital, concluded, We are proud to have backed Texa and its teams during the growth and diversification phase the company has undergone since 2008. Texa has strong ongoing growth potential and ambitious projects for further development during the coming years. We are delighted to continue to back the company for this next phase of growth.”
About Pragma Capital
Pragma Capital is the manager of Pragma I and II, two mutual fund totaling 600 million euros. Funds managed by Pragma aim to hold a majority or aim to be a shareholder of quality companies, along with management teams. Pragma is active in the middle market in France. These companies are mainly French companies with high growth potential where the goal is to help managers to develop their projects. Pragma’s investments have weathered the crisis well. The turnover of the ten portfolio companies of Pragma II grew very significantly between 2008 and 2012, reflecting the talent of the management teams and the correct positioning of businesses financed by Pragma.