Apax and Bridgepoint team up again on CEP buyout

Greg Gille
@unquotenews
07 March 2011

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Apax Partners and Bridgepoint Capital are teaming up to buy French mortgage insurance services company Compagnie Européenne de Prévoyance (CEP) from PAI Partners, according to media reports.

The two private equity houses already made a joint purchase last year with the €600m acquisition of French jewellery retailers Histoire d'Or and Marc Orian. They now face competition from AnaCap and JC Flowers to snatch the insurance services company, which could be worth more than €800m.

PAI partners took a majority stake in CEP in 2005, with management holding the remainder of the shares. The company posted a €90m EBITDA for 2010 and employs 300 people.

In addition to the sale of UK car repair outfit Kwik-Fit for £637m last week, PAI Partners is also taking bids for its 50% stake in French yoghurt maker Yoplait - a deal which should value the company at more than €1.4bn. Industry observers ar expecting the Parisian buyout house to return money to investors in anticipation of a new fundraising effort.