French independent private investment company Ardian has announced exclusive negotiations with Edmond de Rothschild, Jardine Lloyd Thompson (JLT) and Paris Orléans for the acquisition of Siaci Saint Honoré.
The deal size has not been disclosed but the transaction is supported by the Siaci Saint Honoré management team, chaired by Pierre Donnersberg. However, if successful Ardian will take a 65% majority stake in Siaci Saint Honoré’s capital.
A statement said: “The management team and employees will hold a 15% stake alongside Ardian. Edmond de Rothschild will retain a 20% stake. Meanwhile, Siaci Saint Honoré and JLT will continue their long-standing collaboration to work together in France and abroad.”
Siaci Saint Honoré represents the fifth French largest insurance brokerage and consultancy group, which provides coverage to 1.2 million individuals in France and abroad. It counts over 1,500 employees worldwide, and has seen its revenues increasing by 10% on average per year since 2009. The firm also developed its customer portfolio and its geographic coverage by acquiring firms such as Assurance & Capital Partners and Unirisc. It had a reported turnover of €244m in 2013.
Philippe Poletti, member of the executive committee and head of Mid Cap Buyout activity at Ardian, said: “Siaci Saint Honoré is a market-leading insurance brokerage with significant potential for growth. We were impressed by the quality, commitment and the successes of the management team led by Pierre Donnersberg.”
The CEO of Siaci Saint Honoré, Pierre Donnersberg, commented: “We are very pleased to welcome Ardian as a majority shareholder. The team has demonstrated a deep understanding of our business and a real interest in our future development.”
“I am convinced that Ardian, which is strongly committed to its portfolio of companies, is the partner we needed to accelerate the development of all the group’s activities in France and abroad,” Donnersberg added.