
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.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater