BlackFin buys HyperAssur and creates Comparadise

The asset was acquired from former shareholder MetLife Group. Speaking to unquote", BlackFin managing director Paul Mizrahi explained that a key theme of the firm's investment strategy has been to target and consolidate the online insurance market. Because of this, the firm has been systematic in approaching relevant businesses throughout Europe, and has made contact with all entities operating in the space. 

For HyperAssur, previous shareholder MetLife was seeking an exit and launched an M&A process. As BlackFin had already developed a relationship with both MetLife and HyperAssur's management, it emerged as the most suitable buyer.

Following several purchases of French online comparison sites over the past year, BlackFin will now group the acquisitions under newly created brand Comparadise. However, each comparison site will retain its own brand, website and positioning.

According to Mizrahi, the acquisition of HyperAssur was the deciding factor in formally combining previous purchases into Comparadise. Following the deal, the combined entity now covers all major product categories in the insurance and financial products market, and gives the new group a substantial market position.

Previous acquisitions, and companies joining the new group are; MisterAssur, Mutuelle-Conseil, DevisMutuelle, KelAssur and Kredity.

Following the integration process, Comparadise will focus on organic growth, and aims to double in size over 2014.

Company
HyperAssur operates in the online insurance comparison market, offering users a range of insurance policies, including car, motorbike, health and home, at competitive prices. The company was established in 2006 by Julien Tanguy and Thevenet Chouard.

Once fully integrated, new company Comparadise will employ a total of 25 staff, generating turnover of between €10-20m.

People
Bruno Rostain and Paul Mizrahi are both managing directors at BlackFin.

Advisers
Equity - Grant Thornton (Tax); Gide (Legal).

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