Ardian exits majority stake in Opteven to Apax

The new owner will accelerate the insurance group’s international growth plans, according to a press release. The Paris-based GP invested through Apax Midmarket X fund,which held a final close in July 2021 on EUR 1.6bn, according to a press release.

Ardian acquired Opteven through Ardian Expansion Fund IV in October 2018 from multinational insurer Aviva and France-based Capza (formerly Capzanine). At the time, Opteven had 450 employees and a turnover of EUR 150m, according to reports.

Under the GP’s ownership, Opteven introduced "Digital Factory", a segment dedicated to the design and development of products to improve user experience, increase customer loyalty, and make acquisitions. The company increased its presence in Europe by opening two new businesses in Spain and Germany, as well as expanding its operations in Austria.

Since 2018, Opteven has more than double the number of employees to 850 and generated EUR 260m in revenue, with over 30% of this from international markets, according to the press release.

The company made two acquisitions to strengthen its position in the automotive retail market by acquiring mechanical breakdown warranty specialists based in France and UK-based WMS Group in 2019.

Company
Opteven was founded in 1985 and is based in Lyon, France. The company provides roadside assistance in France and mechanical breakdown insurance as well as maintenance packages.

It has doubled its revenues every five years since its inception. The growth has been a result of vehicle sales, an increase in financing contracts, and the growing demand for electric vehicles, according to the press release.

Key clients of the business include banks and insurers, long-term leasing companies, car manufacturers, insurance brokers, and car dealers.

People
Ardian Expansion – Marie Arnaud-Battandier (managing director), Maxime Séquier (director), Claire d'Esquerre (senior investment manager).
Apax Partners – Thomas Simon (partner), Annick Bitoun (managing director of debt capital markets), Blandine Cleyet-Merle (director in the midmarket consumer team), Martin Denais (senior associate), Antoine Philip (senior associate).
Opteven – Jean-Matthieu Biseau (CEO).

Advisers
Ardian Expansion – EY (vendor due diligence); Aguera Avocats (social due diligence); PwC (corporate social); Rothschild (M&A); Weil, Gotshal & Manges (legal).
Apax Partner – Roland Berger (sales); Eight Advisory (finance); Allen & Overy (legal); Milliman (actuary); Lazard (M&A, debt); Jones Day (legal).
Opteven – Fides Partners (management consulting); Da Ros associés (legal).

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• Topics
• Buyouts
• France
• Financials
• Ardian (formerly Axa PE)
• Apax Partners
• France
• Secondary buyout