InterResolve / Capital raising
Cavendish Corporate Finance LLP is pleased to announce it has closed a major expansion capital raising for InterResolve, the leading claims resolution specialist which provides an independent mediation led approach to personal injury claimants in the car insurance industry. The deal involves an equity investment from Balderton Capital which will allow InterResolve to build a substantial war chest of around £30m for claims acquisition.
InterResolve’s business model cuts out no-win, no-fee lawyers who add substantial costs and delays to simple personal injury claims arising from road traffic accidents. InterResolve’s innovative approach has won multiple industry awards and also secured an exclusive partnership with Enterprise Rent-a-car to address all the injury and vehicle needs of non-fault drivers in accidents.
The expansion fundraising managed by Cavendish will provide InterResolve with the capital it needs to acquire claims of legitimate motor accident claimants before they are sold off to lawyers. InterResolve then arranges early medical care, independent legal advice and earlier compensation for claimants – all at a fraction of the usual cost to insurers. The company aims to secure enough claims to get a significant share of the market and in so doing save the car insurance industry billions of pounds and get a better deal for thousands of consumers.
Cavendish worked with InterResolve to prepare the business for a funding round in late 2009 that would enable them to raise the necessary capital to execute their business plan. Cavendish prepared and ran an equity fundraising process, approaching a wide range of potential investors, whereupon Balderton Capital became the front runner as they quickly grasped the substantial market opportunity of the disruptive InterResolve business model.
Simon Ramery, the partner who led the transaction, commented:
“We are very pleased to have assisted such an exciting business as InterResolve in securing the necessary funding to accelerate its growth. This deal demonstrates that significant capital is available from investors when an early stage business has a compelling value creation story. With this investment, InterResolve has the firepower to take on the inefficient incumbents in the personal injury claims market which should bring benefits for claimants and policyholders alike.”
Peter Ashdown-Barr, the Chief Executive of InterResolve, commented:
“Cavendish brought to the table extensive contacts in the venture capital industry and an understanding of how to present our investment case in the best light. All our business had been lacking was funding to achieve scale and with the capital secured from Balderton we are now empowered to bring about lasting change in the insurance industry and create significant value for all our shareholders along the way. We are delighted with the deal and with the invaluable help that Cavendish provided in obtaining it.”
Tim Bunting, Partner at Balderton Capital, added:
“InterResolve has demonstrated that it has a viable alternative to the current personal injury claims process. We believe that InterResolve has the structure and ability to deliver change across the market and we have every confidence in Peter’s ability to build the business further.”
“Thank you to John and your fantastic team at FinnCap Cavendish for your unwavering support, dedication, work ethic and belief in Xexec’s mission. John, Mike and Sam were instrumental in bringing the deal to a successful completion and provided invaluable guidance throughout the process.
We look forward to our new partnership with the Castik and Abry teams who are the ideal partners as we continue to expand our business and pursue the next phase of our strategy.”
‘The finnCapCavendish team were great to work with, they took time to listen, properly understand our objectives and tailored the process to get a fantastic result for us. They really understood the value drivers in the ICT sector and had access to all the key buyers for our business, they were able to efficiently manage the sale process maintaining the great relationship we’d built we Adept as our preferred buyer.’
“Thank you to Jon, Steph and Chirag for their tireless efforts in recent months. Jon offered invaluable leadership and strategic advice, while Chirag and Steph provided diligent and supportive guidance throughout. They also behaved throughout as one would expect friends and confidants to act, which is very helpful in a confidential situation. We were delighted with the result and very, very pleased to have had the three of them as our team.”
“Cavendish has a great brand and great people, and from the moment the appointment was made, we knew we were in safe hands. The Cavendish team of Andrew, Steve and Paris delivered the right advice at all times. The strength of their international reach brought parties to the table including ZEDRA who we would never have found ourselves and who saw the potential in our business and our team. Cavendish controlled the process and the negotiations throughout. They also understood how we felt as founders to be selling a business we had built over 12 years. Many thanks once again to the Cavendish team – I would highly recommend them.”
“This deal represents a fantastic opportunity for our investors to support an established and well managed business with an excellent reputation in the facilities management sector. We are delighted with the debt financing package arranged by finnCap, which was a critical element to the completion of the transaction. We were extremely pleased with how the process was managed by the finnCap Debt Advisory Team, which provided us with optionality to select the most appropriate banking partner for CMS.”
I would thoroughly recommend Andrew and Rebecca and the Cavendish team to anyone looking to maximise the proceeds from a disposal or asset sale. The Cavendish team are both consummate professionals, focused on delivery and pragmatic and flexible in their approach to helping their clients achieve their objectives. I would not hesitate to recommend them and would hope to work with them on future projects. They provide great value.
“It was a great pleasure to work with the Cavendish team once again. Having successfully worked together on the sale of our Payroll business in 2018, Cavendish were our natural choice of advisors. The team demonstrated a deep understanding of the sector and provided sound and trusted advice throughout the process.
We are confident the business will continue to flourish under IRIS Software Group’s ownership, further developing and delivering our market-leading software to new markets, and we look forward to working together during this next chapter.”
“I am very grateful to Joe Stelzer and the Cavendish team for their efforts in managing this transaction. Express Vending will operate as a standalone business unit while continuing to develop new and innovative product offerings. The Cavendish team were hands-on and provided invaluable advice throughout the process and ultimately achieved a successful outcome for all shareholders.”
“The Cavendish team, led by James Ellis, were extremely hands on and left no stone unturned, supporting and guiding me and the management team through all aspects of the transaction with the upmost professionalism. I would have no hesitation in recommending Cavendish to anyone wishing to sell their business.”
“The Cavendish Team – led by Andrew Jeffs – offered a fantastic service and were instrumental in making the deal happen.
A great result was achieved for all parties. We would certainly recommend them to other business owners looking to achieve an exit.”
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