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Essling-backed SPVIE bolts on Assurances de l'Adour

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SPVIE Assurances, a portfolio company of Essling Capital, has acquired French insurance broker Assurances de l'Adour.

The add-on was financed with part of the capital deployed for the acquisition of SPVIE in February 2020, when Essling bought a majority stake in the company.

The total investment in SPVIE amounted to around €70m, including a debt package provided by a pool of banks and credit facilities deployed by Tikheau Capital.

The equity for the deal was drawn down from Essling Expansion Fund, a small-cap and lower-mid-market vehicle that held a first close on €100m in February 2019 and has raised €125m so far.

The fund targets French companies operating in the digital, healthcare and business services sectors, with enterprise values of €25-200m.

Following the add-on of Assurances de l'Adour, SPVIE expects to reach revenues of €50m in 2020.

Company
Founded in 2005 and headquartered in Biarritz, Assurances de l'Adour is an insurance broker specialising in health insurance, as well as property and casualty. The company employs 150 staff and generated revenues of around €10m in 2019.

People
Essling Expansion – Rémi Matuchansky (co-manager).
SPVIE Assurances – Cédric Pironneau (CEO).

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