TA to sell DNCA Finance to Natixis

Natixis is set to acquire the stakes of TA Associates, Banca Leonardo – whose French M&A division the company is also in the process of buying – and some of the shares held by management.

Natixis will initially acquire a 71% stake in DNCA for €549m. The company's management will remain a shareholder for the time being – the two parties plan on executing a progressive exit strategy, beginning in 2016, that will ultimately result in Natixis being the sole shareholder of DNCA.

Previous investment
TA acquired a 50% stake in DNCA in September 2011. At the time, the company's enterprise value was understood to sit at the upper end of the €300–400m range.

The firm acquired its stake from Banca Leonardo, which retained a 10% shareholding. The management held onto the remaining 40% stake.

At the time of TA's acquisition, DNCA employed 45 staff and had €5.8bn in assets under management.

Company
Founded in 2000, DNCA is headquartered in Paris, with additional offices in Milan, Luxembourg and Munich. It employs 79 staff.

The asset management firm specialises in European equities, diversified management, convertible bonds and eurozone bonds. As of January 2015, it had €14.6bn in assets under management.

People
Jean-Charles Mériaux is the president of DNCA Finance. Pierre Servant is the CEO of Natixis Global Asset Management. TA managing director Christopher Parkin sat on DNCA's board of directors.

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