BNP Paribas Développement, BPI France sell Algonquin

Francesca Veronesi
15 May 2018

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BNP Paribas Développement and BPI France have sold their minority stakes in hotel investment and management group Algonquin to UK-based asset manager Schroders.

UK-based Schroders is an asset manager with around €504bn in assets as of December 2017.

BPI and BNP Paribas together invested €23m in Algonquin Management Partners in late 2016.

The investment was led by BPI France; as a result of the transaction, BPI and BNP Paribas become minority shareholders in the group via the holdco Algonquin SA. Company founder Jean-Philippe Chomette remained majority owner, while the management team led by CEO Frederic de Brem and managing director Stephane Obadia retained a stake in the group.

At the time of the acquisition, the business was looking to grow its total assets under management from €1.5bn to €2bn by 2020.

Company
Founded in 1998, Algonquin began by investing in hotels with its own capital and directly managing them. Today the hotels investment and management business manages assets totalling 7,500 rooms across Europe. The hotels are primarily managed through Algonquin's own brands or franchises, including Sheraton, Marriott, Hyatt, Radisson and Sofitel. Algonquin employs 30 staff and is headquartered in Paris.

People
Algonquin – Jean-Philippe Chomette (founder).

Advisers
Equity – D'Angelin & Co (legal); Allen & Overy, Frédéric Jungels, Flora Léon-Servière, Xavier Jancène, Vinçent Martinet, Guillaume Valois, Charles-Antoine Del Valle (legal); PwC (financial due diligence).
Vendor – Rothschild & Cie (corporate finance); Gide, Thomas Urlacher, Charles-Douglas Fuz (legal); Arago Avocats, Jean-Jacques Pujol (legal).