Eli Global LLC (“Eli”) today announced that an affiliate has entered into a definitive agreement to acquire finanzen.de AG and its subsidiaries (collectively, “Finanzen” or the “company”) from BlackFin Capital Partners (“BlackFin”) and Finanzen’s founders.
Based in Berlin, Germany, Finanzen is the leading European online marketplace for retail customer leads in the finance and insurance sectors. The company connects lead generators such as online price comparison sites with lead buyers such as independent financial advisors and insurance agents. The company also acts as an online broker for certain insurance products.
“Finanzen has done an impressive job creating a scalable technology platform poised to benefit from industry trends,” said George Luecke, global manager of Eli’s newly established insurance services portfolio and co-CEO of Global Bankers Insurance Group, which represents Eli’s life and annuity carrier division (“GBIG”). “We look forward to a long-term future with the company and its talented team.”
Dirk Prössel, Finanzen’s CEO, commented “We are pleased to have found such an experienced and suitable partner in Eli. Their strong global footprint can support the ongoing growth of our business model and our ambitious national and international goals.”
“We are delighted that Finanzen will be able to continue its successful international rollout with the support of its new shareholders,” offered Laurent Bouyoux, founding partner of BlackFin.
Finanzen is the first company within Eli’s insurance services portfolio. “Our plan is to substantially grow this portfolio and the companies within it,” continued Luecke. “We are in the process of making key hires to accelerate the build out.” The portfolio will pursue a diversified mix of insurance services and other financial services, and seeks to span various sectors and subsectors within each arena. The insurance services portfolio is separate and independent from GBIG, and synergies with GBIG are not a required element of its investment thesis.
This transaction also marks Eli’s first in Germany, shortly after opening its Munich office in September 2017. The transaction, a portion of which is subject to regulatory approval, is expected to close later this year. Allen & Overy served as legal counsel and Ebner Stolz as financial advisor to Eli. GCA Altium acted as financial advisor to Blackfin. Gütt Olk Feldhaus served as legal counsel to BlackFin.