Eurazeo buys Groupe Premium in €290m deal
Eurazeo has acquired a majority stake in French insurance business Groupe Premium.
The GP has invested in the company alongside Groupe Premium's current shareholders: Montefiore Investment and the management team led by Olivier Farouz.
The transaction values Groupe Premium at €290m. Eurazeo PME's investment will amount to around €100m, depending on the level of reinvestment by the current shareholders.
Eurazeo is investing in the company via Eurazeo PME III, which held a final close in July 2017 on €658m, surpassing its target of €600m. The fund deploys equity tickets of €20-100m, focusing on France-based mid-market businesses with enterprise values of €50-200m.
Montefiore bought a 70% stake in Groupe Premium in April 2018, while the management retained the remainder. The GP deployed capital from its €420m fund Montefiore Investment IV. The vehicle typically targets companies with a turnover within the €20-200m range and EBITDA fo €3-30m, providing equity tickets of €10-50m.
Eurazeo and Montefiore plan to accelerate Groupe Premium's growth by further expanding its network and geographical reach, pursuing an active buy-and-build strategy with some targets already identified, and supporting the group's development in digitalisation, product offering diversification and corporate social responsibility.
Company
Founded in 2000 and based in Boulogne-Billancourt, Groupe Premium is a broker specialising in life insurance, death and disability insurance, and retirement savings.
The company employs 130 staff in 16 locations across France and has 600 independent agent partners.
Through its Predictis and Capfinances brands, Groupe Premium is a distributor for French and international insurance companies, including Swiss Life, Aviva and Groupama Gan Vie. The group also controls a subsidiary, Flornoy, which is dedicated to asset management products.
The group generated revenues of €66.7m in 2020, up 28.5% on 2019.
People
Eurazeo PME – Pierre Meignen, Benjamin Hara (members of executive board).
Montefiore Investment – Eric Bismuth (chair).
Groupe Premium – Olivier Farouz (founder, chair).
More on Buyouts
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Main Capital’s Assessio to be sold to Pollen Street
Recruitment software company tripled in revenue under Main Capital’s ownership
Exponent divests ‘significant' stake in Meadow to Canadian investor
Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater