RGI sale by Corsair Capital draws CVC, Nextalia interest

Charlie Taylor-Kroll , Amy-Jo Crowley and Micaela Osella
11 October 2021

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Corsair Capital's sale of Italy-based insurance technology company RGI has attracted interest from CVC and local fund Nextalia ahead of a formal launch at the end of this month, several sources familiar with the situation have said.

Carlyle, Investindustrial and TA Associates are also among the sponsors showing initial interest in the asset, one of the sources said.

A mix of strategic investors and private sponsors have been invited to bid for the business, one source said, with another adding that several local Italian funds are showing interest.

Sale documents will be distributed by the end of this month, three sources said.

Mergermarket reported in July that Corsair Capital was exploring the sale of RGI, which sells software to insurers and insurance brokers, with Arma Partners appointed as sell-side adviser.

RGI is marketed based on an EBITDA of around EUR 25m, the report added. It broke the EUR 100m revenue barrier two years ago and has continued to grow this year, CEO Cécile André Leruste told Mergermarket in April.

RGI was sold to Corsair Capital by Ardian in January 2018. GCA Altium advised the vendor while Corsair worked with Arma Partners.

RGI's software digitises insurance processes, including policy administration, claims handling, market management and sales and distribution in the life and property and casualty insurance markets.

Based in Milan, RGI employs a team of 1,200 professionals operating from 21 offices in Italy, Ireland, France, German-speaking countries, the Maghreb region and Luxembourg.

Corsair Capital, RGI, CVC, Nextalia, Investindustrial and Carlyle declined to comment. TA Associates did not respond to requests for comment.