Eurazeo in talks to buy Albingia

Nicole Tovstiga
02 July 2018

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Eurazeo is currently in talks to acquire French insurance company Albingia from the Chevrillon and IDI Groups, alongside Financiere de Blacailloux and the management team represented by Financiere de l'Elbe.

Financiere de Blacailloux is a holding company controlled by Albingia's CEO, Bruno Chamoin.

With Eurazeo on board as an investor, Albingia plans to use the GP's long-term institutional shareholder base and financial support to continue developing its services with partner brokers as an independent insurance company.

The company attracted interest from other PE bidders including AnaCap and Wendel, as well as strategic players, according to a report by Unquote sister publication Mergermarket. The report added that sources said the company generated €226m revenues in 2017 and could be valued at up to €600m.

Previous funding
Chevrillon & Associés and IDI each acquired 40% of insurer Albingia in December 2006, while management retained a 20% stake. Chevrillon originally won the mandate, and later invited IDI to take part. The vendors, Barclays Private Equity and insurance group Axa, sold their entire stake after a Rothschild-run auction that attracted 10 private equity bidders, including PAI Partners and Sagard, as well as industrial companies, according to Unquote Data.

Company
Founded in Germany in 1901 and established in Levallois-Perret since 1962, Albingia provides professional insurance services to the construction, industrial and transport sectors. It claims to currently be the only independent insurance company in the French insurance commercial lines market. Albingia generated €220m in premiums in 2017 and reported, at the end of 2017, around €1bn in assets.

People
Eurazeo – Marc Frappier (managing partner).
Albingia – Bruno Chamoin (CEO).