Eurazeo acquires the remaining capital of Idinvest

This additional purchase was a provision in the agreement struck by the two firms in 2018, and was done on the basis of multiples set at the outset.

Following the deal, which will be completed by the end of 2020, the payment will be made primarily in cash. A portion of the Idinvest shares will be contributed to Eurazeo, which will result in a limited capital increase representing less than 1% of Eurazeo current share capital.

Eurazeo acquired 70% of French asset manager Idinvest in early 2018, while management retained the remainder of the shares. The transaction saw Eurazeo buy its stake for approximately €230m, with Idinvest's enterprise value set at €310m.

Subsequently, Eurazeo exercised its purchase option covering an additional 10% of the share capital of Idinvest in May 2020, reaching 80% ownership.

Idinvest was established with the spin-out of AGF Private Equity from Allianz in 2010, orchestrated by IDI with a €27m investment.

Idinvest is an asset manager specialising in seed investments, leveraged buyouts, growth capital, debt financing, mezzanine, capital restructuring and recapitalisation transactions in the lower-mid- and mid-market segments. It is headed by CEO Christophe Bavière and managing partner Benoist Grossmann.

"The decision to accelerate the operation confirms the ambition of Idinvest's partners to fully engage in the group's strategic project and become a European leading benchmark for companies at every stage of their development," said Virginie Morgon, CEO of Eurazeo. "With this operation, Eurazeo is offering its shareholders, partner investors and the management teams of our portfolio companies the strength of a unique and integrated group that has diversified into four asset categories and is made up of expert teams in 10 countries."

Eurazeo and Idinvest now have a combined €18.8bn in assets under management.

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• Topics
• GPs
• France
• Eurazeo
• IDInvest Partners (AGF Private Equity)