Apax Partners carves out GNB from Novo Banco for €168m

Unquote understands that Apax deployed capital from its Apax IX fund, which held a final close on its $9bn hard-cap in December 2016. 

GNB will be controlled by a new holding company named GamaLife, a consolidation platform launched by Apax with the aim of pursuing a buy-and-build strategy in the pan-European life insurance and wealth management markets. Following the deal, GamaLife will maintain a long-term exclusive distribution agreement with Novo Banco.

According to Novo Banco, this exit is part of its divestment strategy of non-core assets, while increasing its focus on its core banking activity.

Company
Headquartered in Lisbon, GNB Companhia de Seguros de Vida offers life insurance, saving and retirement products distributed through Novo Banco's 401 branches. The company held total assets of €5.1bn and total equity of €391m as of June 2019.

People
Apax Partners – Frank Ehmer (partner).
GNB Companhia de Seguros de Vida – Matteo Castelvetri (CEO).

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