Crédit Mutuel Arkéa, Blackfin Capital Partners, Latour Capital and the management (the shareholders of Primonial group) have entered into exclusive negotiations with private equity firm Bridgepoint regarding the disposal of a majority stake in the group up to 50%.
The investment in Primonial contemplated by Bridgepoint, one of the major European private equity firms, alongside its management, would enable the group to continue its outstanding development in France, consolidate its leading position as an independent distributor of wealth management solutions and asset manager, as well as implement international expansion.
Crédit Mutuel Arkéa, industrial partner of Primonial since 2011 and shareholder since 2014, would retain a significant shareholding participation, up to 35%, in order to support the group in its forthcoming development projects. Blackfin Capital Partners and Latour Capital would sell their shares after the operation.
The contemplated transaction remains subject to consultation of Primonial’s works council.
About the PRIMONIAL group
The Primonial group, specialized in all aspects of wealth management, selects, combines and distributes comprehensive solutions to wealth managers and their clients. Its main business segments include residential property and real estate funds, life insurance and annuities, structured products and asset management.
Key figures of the Primonial group as of 30 September 2016:
About CREDIT MUTUEL ARKEA
Crédit Mutuel Arkéa Group comprises Crédit Mutuel Bretagne, Crédit Mutuel du Sud-Ouest and Crédit Mutuel Massif Central federations and 20 specialized subsidiaries (Fortuneo, Monext, Arkéa Banque Entreprises et Institutionnels, Financo, Suravenir…). With nearly 9,000 employees, 3,700 directors, 3.6 million customer shareholders and clients and €120 billion in total assets, Crédit Mutuel Arkéa is among the leading banks headquartered at the regional level.
About LATOUR CAPITAL
Latour Capital is an independent management company, investing in French SMEs, with a particular focus on business services. Latour Capital is active alongside management and focuses on companies with a strong growth potential, an established or possible sustained international activity and a strong management team. Latour Capital manages two private equity funds (€420m assets under management) with a team of 11 professionals.
Bridgepoint is one of the main private equity firms in Europe with over €20 billion of capital raised to date, investing in middle market companies across Europe typically valued between €200 million and €1 billion.
In 2015, Bridgepoint closed its fifth European fund Bridgepoint Europe V (BEV) with €4bn committed funds. Bridgepoint looks to accelerate the development of companies by bringing to managers the financial and human resources needed to support their ambition. Bridgepoint relies on a large European network with presence in France, the United Kingdom, Germany, Luxembourg, Spain, Poland, Sweden and Turkey, as well as two development offices in the United States and China.
Past investments completed by Bridgepoint in asset management and real estate include notably Tilney, UK wealth management company, Quilter Cheviot, UK distributor of financial solutions, and Foncia, French leader in property management, lease management and rental services.