Ardian Expansion acquires majority stake in Opteven
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.
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.
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.
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)
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