Ardian Expansion acquires majority stake in Opteven

17. Octo­ber 2018

Paris — Ardian, one of the world’s leading inde­pen­dent invest­ment firms, today announ­ced the acqui­si­tion of a majo­rity stake in the insurance company Opte­ven, which specia­li­zes in insurance coverage against tech­ni­cal defects on vehi­cles, main­ten­ance contracts and mobile services in the event of vehi­cle break­downs. Ardian Expan­sion Fund IV has acqui­red the shares of Aviva, a multi­na­tio­nal insurance company, and Capza­nine.

Capza­nine, a Euro­pean private invest­ment fund, is reinves­ting in the company toge­ther with the manage­ment, offe­ring the more than 150 employees the oppor­tu­nity to acquire shares in Opteven.

The tran­sac­tion will enable the company to conti­nue its orga­nic growth and also incre­a­singly pursue an exter­nal growth strategy.

Opte­ven was foun­ded in 1985 and is head­quar­te­red in Lyon. The company is a leader in vehi­cle service and mobi­lity contracts in France and Europe. Opte­ven specia­li­zes in poli­cies covering coverage for tech­ni­cal defects and mobile services. In addi­tion, Opte­ven offers services in the areas of buil­ding and busi­ness insurance, health­care and other services.

Over the past ten years, the company has grown stron­gly and curr­ently gene­ra­tes sales of around 150 million euros with more than 450 employees.

Opte­ven is known for high service quality and enjoys the trust of its custo­mers, which include compa­nies from the insurance and finan­cial sectors as well as commer­cial custo­mers from the auto­mo­tive indus­try such as manu­fac­tu­rers, dealers, rental compa­nies and fleet operators.

In order to pick up on and anti­ci­pate chan­ges in the market, the company has pushed ahead with its digi­tal trans­for­ma­tion. A dedi­ca­ted inter­nal depart­ment, Opte­ven Lab, iden­ti­fies and analy­zes new trends in areas such as mobi­lity, services and the envi­ron­ment. From this, Opte­ven deve­lops and tests inno­va­tive solu­ti­ons incor­po­ra­ting the latest tech­no­lo­gies and taking into account contem­porary forms of mobility.

Opte­ven curr­ently opera­tes in seven coun­tries across Europe and has estab­lis­hed subsi­dia­ries in Italy, the UK and Spain to conti­nue its growth across Europe.

Jean-Matt­hieu Biseau, CEO at Opte­ven, said, “Opteven’s posi­tio­ning in both the tech­ni­cal defects and mobile services segments makes the company unique. Opte­ven opera­tes in a growing market that is under­go­ing a conso­li­da­tion phase. That’s why it was important for us to find a part­ner who could support us in our ambi­tious growth stra­tegy in Europe, espe­cially in acquisitions.”

Marie Arnaud-Battan­­dier (photo), Mana­ging Direc­tor at Ardian Expan­sion, added: “We look forward to working with Opteven’s skil­led manage­ment team, which has an outstan­ding track record. In parti­cu­lar, we will use our Euro­pean network to help Opte­ven acce­le­rate growth, open new loca­ti­ons and iden­tify compa­nies for poten­tial acquisition.”

Benoit Chop­pin, Asso­ciate Direc­tor at Capza­nine, added: “The company has perfor­med extre­mely well over the past five years and we have greatly appre­cia­ted working with the excel­lent manage­ment team led by Jean-Matt­hieu Biseau. Opte­ven has all the prere­qui­si­tes to conti­nue its success­ful course. That’s why we deci­ded to reinvest as a mino­rity shareholder.”

The tran­sac­tion was appro­ved by ACPR, the French banking and insurance regulator.

About Opte­ven
Opte­ven is one of the leading provi­ders of mobi­lity poli­cies and services in France and Europe.
Opte­ven is an inde­pen­dent group head­quar­te­red in Lyon, opera­ting in seven coun­tries in Europe and with subsi­dia­ries in Italy, the United King­dom and Spain. The company’s growth over the past ten years has shown that the quality of its services is highly appre­cia­ted by commer­cial custo­mers from the auto­mo­tive indus­try (manu­fac­tu­rers, dealers, lessors), insurance compa­nies and banks. Opte­ven will gene­rate sales of 150 million euros in the current year and manage nearly 500,000 claims. With a port­fo­lio of more than 1,000,000 auto­mo­tive service contracts and nearly 3,000,000 roadside assi­s­tance contracts, Opte­ven has a unique posi­tio­ning in its markets.

About Capza­nine
Capza­nine was foun­ded in 2004 and is a Euro­pean private invest­ment fund. Capza­nine supports compa­nies in their growth and contri­bu­tes to their success in growth and trans­for­ma­tion phases through its finan­cial and indus­trial exper­tise. Capza­nine offers flexi­ble long-term finan­cing solu­ti­ons for SMEs and mid-cap compa­nies. Depen­ding on the situa­tion, Capza­nine invests as a majo­rity or mino­rity share­hol­der and/or as a private debt provi­der (mezza­nine, unitran­che, senior debt) in unlis­ted small and mid-cap compa­nies with an enter­prise value of 30 to 400 million euros. While Capza­nine is flexi­bly posi­tio­ned, the company speci­fi­cally supports strong value-added compa­nies in the health­care, tech­no­logy, food and services sectors. Capza­nine is based in Paris and curr­ently mana­ges around 2.5 billion euros. Recent invest­ments include Hori­zon Soft­ware, Goiko Grill, Recom­merce, MBA and Monviso.

About Ardian
Ardian is one of the world’s leading inde­pen­dent invest­ment firms, mana­ging appro­xi­mately US$72 billion in assets on behalf of its inves­tors from Europe, South and North America and Asia. The company is majo­­rity-owned by its employees and gene­ra­tes sustainable, attrac­tive returns for its investors.

With the objec­tive of achie­ving posi­tive results for all stake­hol­ders, Ardian’s acti­vi­ties promote indi­vi­du­als, compa­nies and econo­mies world­wide. Ardian’s invest­ment philo­so­phy is aligned with the three guiding princi­ples of excel­lence, loyalty and entrepreneurship.

The company has a global network of more than 530 employees and 14 offices in Europe (Frank­furt, Jersey, London, Luxem­bourg, Madrid, Milan, Paris and Zurich), South America (Sant­iago de Chile), North America (New York and San Fran­cisco) and Asia (Beijing, Sing­a­pore and Tokyo). Ardian mana­ges the assets of its appro­xi­mately 750 inves­tors in five invest­ment areas: Direct Funds, Funds of Funds, Infra­st­ruc­ture, Private Debt and Real Estate.

Advi­sor of the transaction

Acqui­rer: Ardian Expansion
Marie Arnaud-Battan­­dier, Maxime Séquier, Claire d’Esquerre

Advi­sors to the acqui­rer: Nati­xis Part­ners (Valé­rie Pelle­reau, Patrice Raulin), Goetz­part­ners CF (Guil­laume Piette)

Legal, Fiscal and Social Advi­sor: Weil, Gotshal & Manges (Frédé­ric Cazals, Alex­an­dra Stoicescu, Lise Laplaud, Cassandre Porges, Kalish Mullen)

Stra­te­gic Advi­sor: Oliver Wyman (Olivier De Deman­dolx, Tarik Ouahmed)

Finan­cial, Actua­rial, Fiscal, Social and Legal Advi­sor: Ernst & Young (Cyril de Beco, Pauline Fabre)

Finan­cing: BNP (Guil­laume Redaud), LCL (Emilie Bosselut)

Seller: Capza­nine
David Hoppe­not, Benoit Chop­pin, Bruno Bonnin

A Plus Finance: Olivier Gillot

Advi­sors to the seller: Tran­sac­tion R — Roth­schild (Pierre Sader, Raphaël Fassier)

Manage­ment Advi­sor: Scotto (Nico­las Menard-Durand)

Legal Advi­sor: Good­win (Jérôme Jouhan­ne­aud, David Diamant)

Stra­te­gic VDD: Indefi (Julien Berger)

Finan­cial VDD: Deloitte (Vincent Rapiau, Cyril Chalin, Davide Artigiani)

Finan­cial, Actua­rial, Fiscal and Legal Advi­sor: Deloitte

Social Advi­sor: Aguerra et Associés

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