BlackFin acquires Sagard's Santiane

The stake to be held by BlackFin in Santiane remains confidential, but unquote" sources confirmed it will be a controlling interest.

The GP drew equity from its €350m second fund, sources confirmed. Although an enterprise value was not provided for Santiane, the vehicle seeks companies valued at €100m or less, while the typical equity ticket sits in the €5-30m range.

BlackFin Financial Services II was used for the MBO for Groupe Lucheux, another France-headquartered insurance broker, in early June.

The SBO will see Sagard fully exit its minority stake in Groupe Santiane after entering the company's capital structure in September 2013.

Also selling their interest were members of the founding Courtin family and the management team, majority owners since 2013 – both reinvested as part of the deal and will retain a minority stake.

Groupe Santiane will now look to invest heavily in research and development, with plans to add new healthcare-related insurance packages to its current offering. As part of the changes, the CEO role will be transferred from Christophe Courtin to Pierre-Alain de Malleray, hitherto managing director at the company.

Previous funding
Sagard's sale of Santiane takes place two years after the firm acquired a minority stake in the insurer from previous shareholder BNP Paribas Private Equity, which had picked it up in 2011.

The acquisition, sealed in September 2013, was the maiden deal for Sagard's third vehicle and was believed to value Santiane at more than €40m, according to unquote" data.

Under Sagard's two-year shareholding, Santiane claims to have doubled operations and diversified its service offering after adding new distribution channels.

Company
Founded in 2007, Santiane is an insurance broker specialised in healthcare and preventive policies. The business sells its schemes directly via the Santiane.fr brand, which also features an online insurance comparison tool, and indirectly via the B2B-focused wholesale broker Néoliane.

With a workforce of 300 people across its Paris and Nice offices, Santiane has existing partnerships with insurers such as Axa and Generali. Santiane posted €42m in turnover in 2014, reportedly twice the figure generated in 2012.

People
BlackFin's work on the deal was coordinated by managing director Eric May, while Sagard was represented by managing director Frédéric Stolar. Pierre-Alain de Malleray is Santiane's newly appointed CEO.

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• Topics
• France
• Exits
• Buyouts
• Financials
• France
• Sagard Private Equity
• Secondary buyout