Ardian enters exclusive negotiations to buy Capzanine's Opteven

Ardian's offer gives Opteven an enterprise value of more than €150m, Unquote undersdtands. 

This would put the exit multiple at approximately 12.5x the company's EBITDA, which stands at €12m according to the report from Unquote's sister publication Mergermarket.  

Ardian made its move before current sponsor Capzanine launched its sales process, Mergermarket understands. Funds Sagard, ICG, Apax France and Chequers Capital had been gearing up for the race, according to the news wire.

Investment company Capzanine acquired Opteven in Q4 2013 via its Capzanine 3 fund. Opteven posted €85m in sales at the time of the acquisition, according to Mergermarket.

Founded in 1985 and based in Villeurbanne, Opteven is a car, home, health and work insurance company. It partners with 19 car manufacturers, eight financial institutions, and 2,000 distributors and repairers. The company has facilities in France, Italy and the UK, with a workforce of 300 people. Opteven generated a turnover of €129m in 2016.

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• Topics
• Buyouts
• Exits
• France
• Financials
• Capzanine
• Ardian (formerly Axa PE)
• France