Ardian to buy Siaci from Edmond de Rothschild

Ardian is also buying the business from insurance broker Jardine Lloyd Thompson (JLT) and Paris Orléans, the parent company of the Rothschild group.

JLT is selling its 26.2% stake in Siaci – via the holding company Milestone – to Ardian for £82.1m.

Ardian is taking a majority stake in the business. Siaci's management and employees have held onto a 15% stake in the company following the deal, while Edmond de Rothschild has retained a 20% shareholding.

Debt
A debt package has been arranged for the transaction by Bank of Ireland, BNP Paribas, CIC, Crédit Agricole, ING, Natixis and Societe Generale.

Company
Founded in 1932 and headquartered in Paris, Siaci is a provider of insurance broking and employee benefits services.

It claims to have 3,500 customers in the construction, transportation, telecommunications, distributions, luxury and energy sectors.

The company employs 1,500 staff. Its sales have increased from €160m in 2009 to €244m in 2013.

People
Pierre Donnersberg is the president of Siaci. Ardian's mid-cap buyout director Yann Bak, mid-cap buyout head Philippe Poletti, senior investment manager Emmanuel Miquel and investment manager Edouard Level all worked on the deal.

Jean Laurent-Bellue, vice president Ariane de Rothschild and general secretary, represented Edmond de Rothschild on the deal, while CEO Olivier Pécoux and director Alexandre de Rothschild represented Paris Orléans.

Advisers
Equity – Credit Suisse, Pierre Fleuriot, Andrea Bozzi, Sébastien Rapin, Pierre-Edmond Fetre, Chercher Yang, Martin Iacoponi, Igor Perekolski (M&A); Latham & Watkins, Thomas Forschbach, Gaëtan Gianasso, Natacha Guelibolian, Anne-Sophie Silvera-Darmon, Xavier Farde, Carla-Sophie Imperadeiro, Xavier Renard, Yann Auregan, Frédéric Pradelles, Simon Benoit (Legal, tax); Roland Berger, Mathieu Sébastien, Laurent Doucet, Marie Collignon, Aimée Buidine, Sarah Bouselham (Commercial due diligence); KPMG, Axel Rebaudières, Benjamin Tarac, Damien Birbes, Morgane Santrot, Stéphanie Taupin (Financial due diligence); Norton Rose, Bénédicte Denis, Orsolya Hegedus, Diane Odier (Legal); Cap Gemini, Edouard Petit, Julien Wiesel (IT due diligence); Fidal, Etienne Giroux, Olivier Main, Régis Peyronnet (Tax).
Company - Lazard, Pierre Tattevin, Nicolas-David Kersen, Laetitia Fabre, Pierre Ouaknin, Guillaume Leclerc, Nicolas Faugeroux (M&A); Scotto & Associés, Lionel Scotto Le Massese, Nicolas Menard-Durand, Adrien Badelon, Vincenzo Feldmann (Corporate finance); Veil Jourde, Jean Veil, François de Navailles, Antoine Ricol, Martin Duvernoy (Legal).
Vendor (Paris Orléans) – Solferino Associés, Bernard-Olivier Becker (Legal).
Vendor (JLT) - Linklaters, Alain Garnier (Legal).
Debt – Gide Loyrette Nouel, Eric Cartier-Millon (Legal).

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• Topics
• Buyouts
• France
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• France
• Ardian (formerly Axa PE)