Groupe Vilavi stays French and starts new chapter with HLD

The deal, which is still pending competition authority approval, is expected to be completed by the end of October, a source familiar with the matter said. The deal values the business at around EUR 300m, as reported.

Vilavi’s managers were looking to secure the group’s future after former CEO and majority owner Jacques Bouthier was indicted last May for various offenses, including trafficking human beings with a minor, and attempted rape and rape of a minor over 15 years old, as reported by French press. Bouthier holds an 88% stake in Vilavi through his family holding Amapola, a second source familiar said.

This July, lawyers from the Moroccan Association for Victims' Rights (AMDV) in Tangiers requested a rogatory commission regarding criminal matters in France, after the former CEO was released on bail, under judicial supervision, for medical reasons in March 2023, as covered on 15 July by French press.

HLD’s goal following the acquisition is that Bouthier will exit Vilavi entirely, the same source said, adding that the indictment implied ESG and compliance issues for insurers working with the business before the change in ownership.

HLD will mainly fund the deal in equity, as well as debt secured from five insurers, Vilavi’s partners Allianz France, Generali France, Swiss Life France, MFA and Wakam, the same source said. Current management and employees of the group will own a minority stake in the business, as per an official press release.

After acquiring the business, HLD will focus on organic growth, including healthcare services for individuals, insurance against risks in the workplace and becoming a wholesale broker, as well as developing the company's online offering, the first source said.

Although not a priority for now, M&A is also part of the growth plan for Vilavi to strengthen its footprint in key sectors, including healthcare, this source said. The final priority would be to strengthen management and implement new skills, they added.

HLD plans to position Vilavi as an independent player while preserving the company’s value and its workforce, this source said. The group, which has been operating for the last forty years, has around 550,000 customers and its business model has an ESG angle as it facilitates wider access to insurance, with passenger car drivers benefiting from its automotive insurance for example, the source said.

German-based larger insurance group Allianz was also pursuing the asset during the auction kicked off by Vilavi’s management, the same source said. An acquisition by Allianz would have implied a risk of other insurers not working with Vilavi anymore, which would have impacted the business’ value, the source said.

HLD, Vilavi and Allianz declined to comment.

Company
Established in 1975 and formerly known as Assu 2000, Vilavi is an insurance company with 1,500 employees working across 320 sites and registered close to EUR 150m revenue in 2022, as per an official press release.

People
HLD - Cédric Chateau, Antoine Pineau , Pauline de Williencourt , Geoffroy Desjeux, Valentin Pauzes.

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