Blackfin sells Owliance to Tessi
Blackfin Capital Partners has sold its stake in Owliance, a French insurance business process outsourcing service, to trade buyer Tessi.
Blackfin invested in the insurance services company back in 2010 to support its expansion. It marked the maiden deal of its first fund.
At the time, the GP pointed out that the changes in European insurance regulation would lead to greater demand for outsourcing services. The company notably bolted on Groupe Mutua in 2013.
Owliance generated revenues of €20m at the time of the investment; turnover currently stands at €29m.
Tessi is a French listed business-process outsourcing company operating across a range of sectors. Owliance's management team stated that the rationale behind the sale process was to partner with a strategic player.
Company
Previously known as CS Gestion, Owliance is a business process outsourcing service focusing on the insurance market, more specifically the life and health segments.
It has 100 clients and manages processes for 2.5 million people.
People
Owliance – Zyed Ben Chaabane (CEO).
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