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2018

Filiassur opts for an MBO again

Customers and counterparties

The broker specializing in the sale of provident insurance has, for the second time, agreed a takeover by Tikehau Capital which is investing 30 million euros, so becoming a minority shareholder. Initiative & Finance has signed its exit.
Filiassur continues to be guaranteed by its financial partners, more than seven years after an MBO with Initiative & Finance (see below).
The broker specializing in distant selling of provident insurance is organizing an MBO with the arrival of Tikehau Capital as minority shareholder, for an investment of 30 million euros. Cambon Partners organized a traditional dual track process during which several industry branches materialized. Initiative & Finance,
which contributed 6 million euros in 2011 via Initiative & Finance FCPR I, alongside one of the founders Brice Jammet, who is among the transferors. Denis Bizien, the co-founder and chairman of Filiassur, retains the majority of shares, post-transaction. In addition, several key managers announce their investment. The financing of the MBO is provided by Five Arrows, which is intervening by means of a unitranche facility supplied by its vehicle Five Arrows Direct Lending (FADL), provided with 625 million euros since closing in 2018. According to our information, the leverage for the transaction will be around 3 times the EBITDA.
Revenue of 26 million euros in 2017
Established in 2007 and the leader in its market, Filiassur is intervening in the individual provident savings market within which demand is anticipated to grow due to an ageing population. The SME employs around 600 individuals and is also present in international markets. Open to Spain since 2009, Filiassur, which has several call centres in the Maghreb countries, has had to overcome the global crisis with an explosion of lapse rates for its policies. This event, combined with the crisis of the “Arab Spring” in 2011, triggered an ad hoc mandate and conciliation. The debt from the first MBO has also been renegotiated. With a register of 300,000 clients, Filiassur last year generated revenue of 26 million euros, up more than 66% compared with the point of investment by Initiative & Finance. According to our information, its EBITDA would be between 5 and 10 million euros. The arrival of Tikehau Capital as financial reference shareholder will enable it, in particular, to consider diversifying into other insurance types, specifically, credit insurance. External growth transactions are planned for the French market, targeting smaller players.

Associate members