BlackFin acquires Chiarezza

The investment was made through Blackfin's maiden fund, a financial services-focused FCPR vehicle, which closed on €220m in July 2011.

The acquisition will underpin an increased focus on marketing, expand the range of services Chiarezza offers to internet users and broaden the range of insurers included on the site. BlackFin also intends to grow the company internationally through acquisitions.

BlackFin invests solely in the French and wider European financial services sector.

Company
Launched in 2010 by insurance company Admiral, Milan-based Chiarezza provides a free online service that allows users to compare insurance products by price and features before purchasing online or over the phone. The firm's revenues are based on a brokerage fee model, receiving fees on subscriptions and renewal of insurance policies.

People
Paul Mizrahi and Bruno Rostain are managing directors of BlackFin and led the transaction. Francisco Garcia is CEO of Chiarezza.

Advisers
Equity - Ernst & Young (Financial due diligence); Gide Loyrette Nouel (Legal); Chiomenti (Legal).

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