PE consortium and Sogecap invest in Primonial

Primonial was expected to fetch an enterprise value of around €2bn and posts an EBITDA of €175m, according to an earlier report by Unquote sister publication Mergermarket from May this year.

PE firm Latour, which is already familiar with the company having supported it between 2015 and 2017, has bought a 35% stake in the firm. The agreement stipulates that PE firm Bridgepoint will reduce its shareholding from 56.1% to 35% and the management team's stake from 14.1% to 11.1%.

On the other hand, Societe Generale Assurances will acquire 18.5% of the capital via the general assets of its life insurance and capitalisation firm, Sogecap.

LGT Capital Partners, Aberdeen Standard Investments and Grosvenor Capital Management also invested in the business.

The transaction sees the banking group Crédit Mutuel Arkéa sell its entire 29.1% stake.

The new backers will help accelerate the company's internationalisation and the development of new investment solutions.

Previous funding
Naxicap Partners backed the management buyout of Patrimoine in 2010. The firm took a 25% stake in the new asset management company through its BP Développement fund, which usually makes contributions within the €1-30m range. Management retained the remaining 75% of the shares. The deal marked the birth of Primonial Group via the merger of Patrimoine Management & Associes and Primonal FundQuest – both BNP Paribas subsidiaries.

Four years later, Crédit Mutuel Arkéa invested in the group. Subsequently, Latour and BlackFin acquired a 20% stake by providing a €30m round of expansion funding to the group in 2015. Management reinvested in the group to hold a 35% stake.

Bridgepoint became a majority shareholder of Primonial in 2017, taking over from previous owners BlackFin and Latour.

Since then, a number of acquisitions took place, including Aviarent, a German healthcare real estate specialist; the consolidation of 100% of its real estate subsidiary Primonial REIM (following the redemption of UFFB's 30% stake granted at the creation of the company); the acquisition of a stake in Leemo alongside Foncia Group; and the 100% acquisition of La Financière de l'Echiquier (LFDE).

Company
Established in 1989 and based in Paris, Primonial is a financial services company that offers investment services to wealth management professionals and their clients, in residential property and real estate funds, life insurance and annuities, structured products and asset management.

As of the end of 2018, the business had €37bn in assets under management or advisory, and employed 936 people.

People
Primonial Group – Stéphane Vidal (president).
Bridgepoint – Vincent-Gaël Baudet (partner).
Arkéa Group – Ronan Le Moal (CEO).

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• Topics
• Buyout
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• France
• France
• Bridgepoint