Ardian buys Opteven

A source familiar with the situation told Unquote that Ardian bought a 75% stake, while Capzanine retained a 10% holding in the business.

Unquote reported in April that Ardian had entered exclusive negotiations to buy Opteven, having pre-empted its auction.

Capzanine, which acquired a majority stake in Opteven in 2013, reinvested in the business alongside the management and retained a minority stake.

The company has an enterprise value of around €150m, which equates to 12.5x its 2017 EBITDA of €12m.

Unquote understands that Ardian deployed capital from its Ardian Expansion Fund IV to finance the acquisition. The vehicle held a final close in June 2016 on €1bn, surpassing its €650m original target.

In addition, a debt package was provided by BNP Paribas and Le Crédit Lyonnais to support the deal.

The GP intends to further boost the company's growth and accelerate its international expansion by opening new subsidiaries outside of France, and by identifying potential targets for its first acquisition.

Previous funding
Opteven, which was originally called RAC France and founded as a subsidiary of UK-based RAC, was bought by insurence company Aviva in 2005.

Finadvance acquired a stake in Opteven from Aviva, which retained a minority holding in the business, in December 2009.

Capzanine bought Opteven from Finadvance and other corporate investors in December 2013 via its Capzanine 3 fund. Capzanine invested alongside the management team, while Finadvance and minority shareholder Aviva retained a minority stake in the business. BNP and Le Crédit Lyonnais provided debt financing to support the transaction.

Company
Founded in 1985 and headquartered in Lyon, Opteven is an insurance company specialising in mechanical breakdown warranties and roadside assistance. The company also offers home and healthcare insurance. Opteven currently operates in seven countries in Europe and has subsidiaries in Italy, Spain and the UK. It employs 450 staff and expects to generate a turnover of €150m in 2018.

People
Opteven – Jean-Matthieu Biseau (CEO).
Ardian Expansion – Marie Arnaud-Battandier (managing director).
Capzanine – Benoit Choppin (associate director).

Advisers
Equity – Natixis Partners (corporate finance); Goetzpartners (corporate finance); Weil Gotshal & Manges (legal, tax); EY (financial due diligence).
Vendors – Rothschild (corporate finance); Goodwin (legal); Indefi (financial due diligence); Deloitte (financial due diligence).

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• Topics
• Buyouts
• France
• Financials
• Ardian (formerly Axa PE)
• Capzanine
• France