Bridgepoint takes majority stake in Primonial

Bridgepoint will take over from previous owners BlackFin Capital and Latour Capital, which entered the group in 2015, and from Crédit Mutuel Arkéa, which took a stake in 2014. As part of the deal, Crédit Mutuel Arkéa retains a 35% stake in the group, while company management will hold the balance, amounting to around 15%. The exiting GPs declined to comment on return figures.

Primonial aims to pursue its development in France and internationally. Some capital will also be earmarked for various investments within the company, according to a company spokesperson.

Currently managing €16bn in assets, the group will look to double this figure over the next five to seven years.

Previous funding
In 2010, Naxicap Partners backed the management buyout of Patrimoine. The firm took a 25% stake in the new asset management company through its BP Développement fund, which usually makes contributions within the €1-30m range. Management retained the remaining 75% of the shares. The deal marked the birth of Primonial Group via the merger of Patrimoine Management & Associes and Primonal FundQuest – both BNP Paribas subsidiaries.

In April 2015, Latour and BlackFin acquired a 20% stake by providing a €30m round of expansion funding to the group. Management reinvested in the group to hold a 35% stake. Crédit Mutuel Arkéa had invested in the group shortly before that in 2014.

Company
Established in 1989, Primonial is a financial services company that offers investment solutions to wealth management professionals and their clients, in residential property and real estate funds, life insurance and annuities, structured products and asset management.

Primonial's asset management business also includes Roche-Brune AM and AltaRocca AM. As of 30 September 2016, the group had €16bn in assets under management, according to financial website Investment Europe. Based in Paris, the company has 500 employees.

People
Bridgepoint – Benoît Bassi (partner).
Primonial – Stéphane Vidal (CEO).

Advisers
Company – Acetis Finance, Frédéric Bos (corporate finance); Mayer Brown, Jean-François Louit (legal).
Vendor – Rothschild, Frank Cygler (M&A).

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