Apax Partners sells Texa to Naxicap Partners

Naxicap's share in the business will be similar to that of Apax at the time of acquisition in 2012 (70%). Pragma Capital, co-investor alongside Apax and a shareholder since 2008, will fully exit the group with this transaction.

The company's CEO and management also reinvested alongside Naxicap as part of the deal, keeping a minority stake in the company.

With Apax's backing, the company increased its revenues from €106m to €181.6m, achieving an overall 60% growth rate, mostly due to the group's accelerated digital transformation and a number of external acquisitions.

In 2015, Texa finalised the acquisition of Geop, a compensation-in-kind group generating €15m of revenues. Prior to this, the group had acquired Eurisk, generating €40m of turnover, and CLE Group. The Texa group will now aim to continue growing in the insurance services sector, building up its different activities.

The exiting GP did not wish to communicate on returns.

Debt
The deal included senior debt made up of two tranches, provided jointly by CIC, Bank of Ireland and LCL.

Previous funding
In July 2004, ABN Amro Capital France completed the secondary management buyout of French insurance services provider Texa from Atria Capital Partenaires and Union d'Etudes et d'Investissements, with the goal to divest by 2009.

In August 2008, Pragma staged a tertiary buyout of Texa via its Pragma II fund. Pragma held the largest stake in the company ahead of the founder. The management team also reinvested 20% of the total.

In October 2012, Apax France bought Texa alongside the company's founder and management in a quaternary buyout from Pragma. Apax secured a majority stake, while Pragma reinvested in the transaction to hold onto a minority stake, worth around 10%.

Company
Texa is a loss adjustment company valuing insured losses for large companies, insurers, brokers and tied agents. Created in 1987 through the merger of six loss adjusters, the company initially specialised in large technical risks, and further expanded into all other non-life insurance segments (theft, fire, water damage, property damage, third-party liability, business interruption, construction, among others).

The group has also been offering property diagnosis services (asbestos, lead, surface area certification, gas, electricity, termites, energy efficiency) since its purchase in 2009 of French group AlloDiagnostic, which manages a network of property diagnosis inspectors.

People
Apax Partners – Monique Cohen (partner).
Naxicap Partners – Eric Aveillan (chairperson).

Advisers
Vendor - Natixis Partners, Patrick Maurel, Valérie Pellereau, Christophe Muyard, Emilie Petit, Louise Bernard (M&A); Clifford Chance, Gilles Lebreton, Anna Velitchkova, Raphaël Durand, Patrick Hubert, Thierry Arachtingi, Chloé Desreumaux, Britta Hardeck (legal/tax); BCG, Marc Becker, Gilles Fabres (commercial due diligence); EY, Stephane Seguin, Jean-François Nadaud, Guilhem de Montmarin (financial due diligence). 
Equity - Edge Avocats, Matthieu Lochardet, Claire Baufine-Ducrocq (legal); Arsène Taxand, Laurent Partouche (tax); Neovian Partners, Patrick Richer (commercial due diligence); Accuracy, Xavier Gallais, Florence Westermann (financial due diligence); Delaby & Dorison, Emmanuel Delaby, Florian Tumoine, Alexandre Gaudin, Virginie Couvrat (legal); Canaccord Genuity, Nadim Barouki, Nicolas Royer, Thierry Auzel (M&A).
Debt - Simmons & Simmons (legal).

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• Topics
• Buyouts
• Exits
• France
• Financials
• France
• Apax France SA
• Naxicap
• Secondary buyout