Allianz Partners has agreed to acquire 100 percent of the share capital of Servicios Compartidos Multiasistencia, S.L. (Multiasistencia group) from private equity funds managed by Portobello Capital, and minority shareholders.
Multiasistencia is a leading multinational services company for repair-in-kind solutions for homes and businesses on behalf of insurance companies and other intermediaries. Founded in 1983, the company operates in Spain, France, Portugal, Italy, Luxembourg and Brazil.
The transaction enlarges the service offering for customers and provides an opportunity to grow the repair-in-kind model by utilizing Allianz Partners’ geographical reach. It also allows further investment in digital and disruptive technologies to energize the industry and continue to deliver first class solutions.
"The acquisition of Multiasistencia is a major milestone in our long-term growth strategy," says Rémi Grenier, CEO of Allianz Partners. "It strengthens our position in key markets, enabling growth and acceleration and expanding our offer to our global customers whilst combining expertise and innovation to continue to deliver true customer-centric solutions."
It is intended to keep the Multiasistencia brand and business model separate from Allianz Partners’ operations to safeguard the neutrality of the service offer. This ensures the ability to complement both businesses whilst continuing to work with multiple players (insurers, loss adjusters, repairers, policy holders…), optimizing and streamlining business relationships.
"This agreement allows us to maintain our autonomy, objectivity and total commitment to clients," says Javier Bartolomé, CEO of Multiasistencia. ‘In addition, we are fully confident that the integration into Allianz Partners’ culture and that the combined capacities of both companies will allow for stronger growth, improvement of the service provided and an increase in solutions for our customers."
"During the last eight years, Portobello Capital has expanded Multiasistencia internationally and invested heavily in digitalization capabilities to transform the company into a world leader in repair-in-kind services," states Iñigo Sánchez-Asiaín, Chairman of Multiasistencia and Partner at Portobello Capital. "We are very satisfied with our achievements in helping Multiasistencia become a worldwide industry leader," adds Luis Peñarrocha, Partner at Portobello Capital.
Pending regulatory approvals, the transaction is expected to close Autumn 2018.