PE-backed Primonial buys remaining 60% stake in LFDE

The stake has been acquired from founders and majority shareholders Christian Gueugnier and Didier Le Menestrel, as well as from the employees of LFDE, according to a statement by Primonial.

Primonial previously acquired a 40% stake in LFDE, signing the agreement towards the end of 2017 and closing in March 2018.

The results from the synergies developed prompted Primonial to complete the full acquisition in 2019, initially planned for 2020.

As of now, the board of directors of LFDE will be chaired by Stéphane Vidal, CEO of Primonial. Christophe Mianné will remain chief executive of LFDE. Didier Le Menestrel is appointed senior adviser within the Primonial group.

The transaction has received support from shareholders of Primonial, Bridgepoint and Crédit Mutuel Arkéa, and from Primonial Group's employee representative bodies.

Previous funding
Crédit Mutuel Arkéa has partnered with Primonial since 2011 and has been a shareholder since 2014.

Blackfin Capital Partners and Latour Capital owned a stake in LFDE, until Bridgepoint entered the capital structure in 2016. Bridgepoint became a majority stakeholder, drawing equity from £600m Bridgepoint Development Capital III, closed in 2016.

Following the deal, Bridgepoint owned 52.5% of the group, Crédit Mutuel Arkea 35% and the group's management and staff 12.5%.

Company
Created in 1991, LFDE is an independent asset management company with €10bn in assets under management and a workforce of 132 people. The business manages savings and financial investments for retail customers, wealth management advisers and institutional customers.

Based in Paris, LFDE is also present in Germany, Austria, Switzerland, Spain and Benelux.

People
Primonial – Stéphane Vidal (Chief Executive Officer).
La Financière de l'Echiquier – Didier Le Menestrel, Christian Gueugnier (co-founders).

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