BlackFin backs Lucheux MBO

Investing alongside BlackFin was Lucheux managing director Bertrand Liber, who will be the business's only other shareholder after securing a minority stake.

BlackFin, which used its Financial Services Fund II to finance the MBO, has yet to disclose the amount it invested in the company. However, the vehicle typically targets €5-30m investments in companies with an enterprise value of around €100m, according to unquote" data.

Drawing commitments from more than 10 French investors and a number of foreign LPs, the vehicle raised €160m when it held its first close in January 2015, still shy of its €350m target.

According to BlackFin, the firm was first attracted to Lucheux by its strong position within the French online insurance brokerage market, where the number of players is still limited. The business intends to dedicate the fresh funds to organic and acquisitive growth, and will first focus on bolstering its presence in France.

BlackFin's investment in Lucheux is the third in the space of a month for the GP. On 1 June 2015, it acquired a majority stake in French financial software developer AMfine in an all-equity transaction. Three weeks prior, the GP announced it had backed portfolio company NeoXam in the purchase of French investment management software developer Nexfi.

Debt
The MBO for the company was supported by a senior debt package.

Company
Founded in 1970, Groupe Lucheux is an insurance broker specialising in damages claimed by car and motorbike owners, as well as healthcare and education insurance for children.

Headquartered in Boulogne-Billancourt, the business employs 115 professionals and is understood to have generated €1.4m in EBITDA from a €14m turnover in 2014.

People
BlackFin Capital Partners was represented by managing directors Paul Mizrahi and Bruno Rostain, chief financial officer Sabine Mathis and investment manager Edoardo Fracchia. Bertrand Liber is managing director at Groupe Lucheux.

Advisers
Equity – Grand Thornton, Emmanuel Riou, Camille Burnand, Thibaut Gange, Alexis Martin (Financial due diligence); Gide, Pierre Karpik (Legal).
Vendor – Développement & Finance, Marc Sounigo, Olivier Desurmont (Corporate finance); Linklaters (Marc Petitier, Maud Fillon (Legal).
Management – Lorins Jobard Chemla, Laurent Julienne, Alexis Katchourine (Legal).

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• France
• Buyouts
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• France