Tikehau invests €25m in Milan-listed broker Assiteca

The GP deployed capital from Tikehau Growth Equity II, which held a first close on €150m in July 2018. The fund invests equity tickets of €20-75m in minority stakes of businesses generating EBITDA of €5-50m.

Tikehau intends to support Assiteca's growth, consolidate its market position in Italy and boost its expansion via additional acquisitions of other companies operating in the insurance brokerage sector.

Company
Established in 1982 and headquartered in Milan, Assiteca is an insurance broker providing risk management, advice, insurance consulting and management to the private and public sectors across a range of industries, including healthcare, infrastructure, agriculture, energy and automotive.

The company was listed on the Italian stock exchange in July 2015 and currently has 20 offices located across Italy, and two in Spain. In addition, it operates in more than 100 countries via its partnerships with Eos Risq and Lockton Global.

Assiteca generated EBITDA of €9.9m from revenues of €60.4m in the financial year ending in June 2018, and EBITDA of €8.5m from revenues of €39m in the semester ending in December 2018. It reported net debt of €32.9m. 

People
Tikehau Capital –  Roberto Quagliuolo (private equity director, Italy).
Assiteca – Luciano Lucca (chair).

Advisers
Equity – Studio Gattai Minoli Agostinelli & Partners (legal).
Company – Studio Legale Gianni Origoni Grippo Cappelli & Partners (legal).

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