On April 6, April President Eric Maumy announced the forthcoming expansion of the wealth management business. “We see in this sector the same issues as brokerage 20 years ago: low industrialization of the service, low digitalization, concentration movement … had shared Eric Maumy. The reflection is facing from the point of view of a strong acceleration. »An ambition materialized today through talks with Magnacarta, such as exactly Capital Finance. Advised by Rothschild & Co, an insurance service provider owned by CVC is in fact preparing to enter into exclusive negotiations with Burrus Brokerage Group, which holds 60% of the capital of the wealth management consultancy. April distinguished itself in the overall ensemble of PwC Corporate Finance, which included, among them some funds from Meanings Capital Partners, L’Agefi learned. What to bounce back from after the failure of his bid to buy Orion, which fell into the hands of Siparex in May.
2.3 billion euros in management fees
“Oddo’s shareholding, estimated at 29%, should be reduced on the occasion of the rescheduling of the capital,” said a relative of the case. At the same time, the management team led by Vincent Couroyer (almost 10% of the capital) should be re-elected. Magnacarta’s valuation – nearly € 2 million in EBITDA for € 2.3 billion in outstanding assets under management – would be below the € 40 million mark.
A leading shareholder in broker Diot-Siaci, created last year following the merger of the two companies, Christian Burrus is streamlining some of its holdings. This relief comes at a time when the Financial Markets Authority has imposed a group of 1.8 million euros. The stock market gendarme blames him for failing to declare thresholds during CVC’s takeover bid in April 2019, for failing to declare the existence of a concerted activity of its structures (Dôm Finance, AFI. ..). The purchase of securities by the various Burrus Group entities during the offer and pre-offer period did not allow HVAC to implement the proposed mandatory withdrawal, as it did not hold more than 90% of the capital and voting rights. at the end of the takeover bid. If the various entities have successfully completed the threshold crossing declarations, they have failed to mention the concerted action.
April plans to complete the takeover of Magnacarta by the summer break.