Eurazeo has entered into exclusive discussions with an investor consortium led by La financière de Blacailloux (Fiblac), a family holding company, regarding the sale of its 70% stake in Albingia, a French insurance company specialising in risk management, headed by Valentine de Lasteyrie.
The consortium is composed of the management team, Krefeld (the family office of the Hermès families), and Fairfax Financial Holdings.
Under this agreement, Eurazeo would sell its 70% financial stake in Albingia for 2.2x cash-on-cash, expecting to bring around €289 million of sale revenues to Eurazeo’s balance sheet. It’s expected to be finalised in spring 2025.
Albingia currently stands as the only independent player in the French commercial insurance lines market, distributing its products exclusively through a network of partner brokers. In 2023, the firm’s total insurance premiums amounted to €334 million, with a combined net ratio of 84% and a balance sheet of €1.15 billion.
Eurazeo has expertise in the financial services sector, with approximately €3 billion invested in over 30 companies. Its investment model has enabled it to acquire an in-depth knowledge of the industry and establish key relationships across the whole of the financial services sector.
Valentine de Lasteyrie, CEO of Albingia, stated, “I would like to warmly thank Eurazeo for the quality of their support and their unwavering commitment. This partnership has played a key role in the growth strategy, development and transformation projects that we have successfully led together in recent years. I would also like to thank them for enabling Albingia’s continued independence throughout this transaction.”
Maxime de Bentzmann, Co-Head, Eurazeo Mid-large buyout, commented, “The support and expertise we provided to Albingia is a testimony of our ability to back differentiated high-quality assets with growth potential, particularly in financial services. We are proud to have accompanied the development of an exceptional group and contributed to this phase of its growth. We would like to thank Bruno Chamoin, Valentine de Lasteyrie and the entire management team for their trust and dedication during this period of collaboration and we wish Albingia every success in the coming years.”
