Blackstone, Goldman invest €100m in Prima Assicurazioni

Unquote understands that Blackstone invested via its Tactical Opportunities Fund III, which was launched in February 2017 with a €1.86bn target.

Goldman Sachs deployed capital via its Goldman Sachs Private Capital Investing platform, which is  dedicated to providing long term capital to growth and middle-market companies throughout the US, Europe and Israel.

Prima CEO and co-founder Alberto Genovese and board member and co-founder Teodoro D’Ambrosio will retain a majority stake in the company and continue to lead the business.

The company will use the fresh capital to boost its growth, increase its investment in new technologies and innovation, expand its marketing and sales division, and scale up its team.

Company
Founded in 2015 and headquartered in Milan, Prima Assicurazioni is a startup specialising in digital car insurance. It has a portfolio of around 250,000 active clients and generated revenues of €65m in 2017. The business currently operates under a managing general agent agreement with Munich Re’s Great Lakes in Italy.

People
Blackstone Tactical Opportunities - Qasim Abbas (senior managing director).
Goldman Sachs Private Capital Investing - Christian Resch (managing director).
Prima Assicurazioni - Alberto Genovese (co-founder, CEO); Teodoro D’Ambrosio (co-founder).

Advisers
Equity - White & Case (legal); Slaughter & May (legal).
Company – Chiomenti (legal); Orrick (legal).

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