
Bridgepoint kicks off Primonial sale
Bridgepoint has initiated the sale of French wealth manager Primonial with information memoranda distributed to potential bidders earlier this week, according to two sources familiar with the situation.
The vendor, which reportedly hired Rothschild and JP Morgan to conduct the sale, expects to receive first-round bids by the end of April, the first source said.
The company has garnered interest from several sponsors, including Advent International, BC Partners, Cinven, CVC, Eurazeo and Partners Group, four separate sources confirmed.
Eurazeo hopes to buy Primonial as a strategic move and integrate it within its real estate business unit Eurazeo Patrimoine, a source noted.
Although the sell-side is reportedly marketing the company based on EBITDA of €150m, one source estimated that EBITDA could stand as high as €175m.
Bridgepoint has reportedly set a €2bn price tag for the company, but there are concerns that the vendor's expectations will not be met, the first two sources said.
Some bidders are valuing the company at €1.5bn, the first source said. However, it is somewhat unlikely that Bridgepoint would agree to sell at this price, the second source added. Bridgepoint declined to comment on financials.
Primonial, which employs 880 staff, has a total of €36.8bn in assets under management, according to its website.
Bridgepoint, JP Morgan, Rothschild, BC Partners, Cinven, Partners Group and Eurazeo declined to comment. Advent International and CVC did not respond to requests for comment.
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