JC Flowers sells OneLife to trade

The new group will have combined assets under management (AUM) of €16.5bn, comprising €5.2bn currently managed by OneLife and €11.3bn managed by Apicil.

Apicil said it was acquiring the business for its leading position in the Belgian and Danish markets, strong management team, diverse distribution partnerships and high quality IT infrastructure.

Company
OneLife is headquartered in Cappellen, Luxembourg, and employs 145 people. It provides life insurance to 31,000 people, with written premiums of €506m and AUM of €5.2bn.

People
Apicil Group – Philippe Barret (CEO).
OneLife – Thierry Porté (executive chairman).

Advisers
Vendor – Clearwater International (corporate finance); Loyens & Loeff (legal); KPMG (financial due diligence).
Acquirer – AEC Partners (corporate finance); Norton Rose Fulbright (legal); Périclès Actuariat (insurance due diligence); PwC (financial due diligence).

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• Topics
• Exits
• Financials
• Benelux
• Luxembourg
• JC Flowers
• Trade sale