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Astorg set to exit Gras Savoye

José Rojo
23 April 2015

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Astorg Partners has announced an offer by fellow shareholder Willis Group Holdings to wholly acquire its stake in insurance broker Gras Savoye.

The proposal would see Willis, which currently holds a stake of around 30% in Gras Savoye, pick up the remaining 70% from Astorg, management and the company's founding families.

The transaction is being considered by the company's shareholders, management and employees. It is expected to complete by the end of 2015, according to Astorg.

Should Willis be unsuccessful with its current offer, it would remain entitled to acquire the remaining shares in Gras Savoye in June 2016 – the date initially agreed upon by all shareholders.

Astorg is being represented in the negotiations by CEO Xavier Moreno and partner Thibault Surer. Meanwhile, Gras Savoye CEO François Varagne and chairperson Patrick Lucas are leading the talks on behalf of the company.

Founded in 1907, insurance broker Gras Savoye advises clients on the prevention and management of risk, with services ranging from advisory and consulting to insurance brokerage and contract and claim management.

Headquartered in Paris, the company has a presence in 30 French cities and a portfolio of clients in 130 countries. Employing a workforce of 3,900, the business reported €566m in consolidated turnover in 2014.

The transaction would mark the end of Astorg's involvement in Gras Savoye following the acquisition of a 31.8% stake in the company in 2009 from Willis Group Holdings and the Gras and Lucas families. The LBO, valued at €450m, was financed via Astorg's €800m IV fund.

Willis had previously held a 49% stake in the insurance broker, while the Gras and Lucas families and the management owned the remaining 51%. Following Astorg's investment, both parties saw their stakes shrink to 31.8% each, according to unquote" data.

Since 2009, Gras Savoye has undergone a process of transitioning away from family ownership. Under the new shareholding structure, the company returned to generating profits, according to Astorg.