IK buys LSA from BlackFin

French publication Capital Finance estimated the deal's valuation of the insurance technology company to be €75-90m. 

French VC firm Isai joined IK as minority backer, alongside LSA's CEO Bertrand Liber and the management team.

IK is deploying equity from its €550m IK Small Cap II fund, which was raised in 2018. The transaction is its 15th investment from the vehicle, having acquired a majority stake in financial adviser Valoria at the end of December.

According to Capital Finance, the second fund is now almost fully invested. The GP's third small-cap fund was registered in November 2020.

BlackFin exits the company five years after wholly acquiring it, when it was operating as Lucheux.

Company
Founded in 1970 and headquartered in Rueil-Malmaison, LSA is an online insurance brokerage platform providing property  and casualty (P&C) cover for individuals and small businesses in France. The company specialises in automotive insurance products for non-standard risks, and operates the brand Assurpeople.com.  

The company currently employs 135 people.

People
LSA – Bertrand Liber (CEO).
IK Investment Partners – Arnaud Bosc (partner).
Isai – Christophe Poupinel (partner).

Advisers
Equity – Willkie Farr & Gallagher (legal); PwC (financial due diligence, legal, tax).
Company – Lerins & BCW (legal); Delaby & Dorison (tax).
Vendor – Rothschild Transaction R (M&A); Grant Thornton (financial due diligence); Gide (legal).

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