TA Associates prepares Odealim for H2 exit

Maryna Irkliyenko and Francesca Veronesi
07 February 2022

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TA Associates is getting ready to sell French insurance broker Odealim Group in the second half of the year, three sources familiar with the matter said.

The sponsor has yet to formally mandate an adviser, but Lazard is likely to win the role, two of the sources added.

The group is expected to be sold based on EBITDA in the EUR 40m-50m range, the two sources continued. Given that insurance brokers trade at a high multiple, the asset is likely to achieve a high valuation, the third source noted.

TA has held the asset since 2018, when it acquired the firm from Eurazeo. The group was subsequently renamed to Odealim from AssurCopro.

Under TA's tenure, the company has made a number of bolt-on acquisitions of peer insurance businesses, including that of Digital Insure, Assurgerance, Global Assure, Artemis and Simplis.

Odealim is an insurance broker operating in the property management sector in France. The company acts as an intermediary between insurers and joint-property companies, real estate companies, and property owners. Odealim designs, produces, prices and manages insurance policies, which are underwritten by blue-chip insurance partners.

TA Associates and Lazard did not respond to requests for comment.