Eurazeo's Groupe Premium attracts multiple PE bidders ahead of IMs

Maryna Irkliyenko , Francesca Veronesi , Myriam Mariotte , Gustav Hoejmark-Jensen , Harriet Matthews and Arezki Yaiche
15 March 2023

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Eurazeo-backed Groupe Premium Groupe Premium has drawn interest from a number of sponsors as the French insurance broker gears up to hit the market.

Ardian, Bridgepoint, BC Partners, Cinven and CVC are among prospective suitors for the asset, according to three sources familiar with the matter. PAI and Towerbrook are also circling the business, the first and second source said. Advent and Blackstone are in the bidder pool as well, the first source added.

Information memoranda are expected to be distributed this week, the first source said. The bidders have already had informal talks, said the first, second and a fourth source familiar.

The sellside is also speaking to direct lenders ahead of a potential lender education process, a fifth source familiar said.

Groupe Premium is expected to be marketed off around EUR 100m of EBITDA for FY23, as reported. However, some lenders are scrutinising the figure for adjustments, the fifth source said. The group was set to generate around EUR 70m in EBITDA last year, as reported. It has seen exponential growth, helped by multiple add-on acquisitions, since March 2021 when incumbent sponsor Eurazeo acquired the asset which at the time was generating around EUR 20m of EBITDA.

The French broker for life insurance and retirement savings is expected to be valued at a 15x-17x multiple, the fourth source said.

Cambon Partners is acting as a sellside advisor, according to the second and third source, jointly with Goldman Sachs, as reported.

Under Eurazeo's ownership, Groupe Premium has been on a buying spree, having acquired a number of domestic peers in insurance and wealth management, including that of Ferri Gestion, Leone Kapital and i-Kapital in 2021, as well as Renard Partenaires, Linard Charbonnel and Groupe Forward in 2022.

Founded in 2000, Groupe Premium specialises in insurance brokerage, asset management and wealth management advice. It acts as a distributor for insurers such as Swiss Life, Aviva and Groupama Gan Vie.

Cinven, Eurazeo, Cambon, PAI, Towerbrook, Blackstone and Advent declined to comment. Groupe Premium, Bridgepoint, Goldman Sachs, BC Partners, Ardian and CVC did not reply to requests for comment.