Ardian values ​​the Odealim broker at almost € 950 million

Odealim restores its shareholding. The specialist in insurance and real estate finance brokerage, historically known as AssurCopro, has just given a co-control position to Ardian, alongside TA Associates, owner of the group since 2018. As for Raise Investissement, already minority shareholder, he also participates.

The manager of Place Vendôme, here advised by Nomura and Mirabaud Advisors, was therefore able to stand out against HG Capital and Cinven in the auction organized by Lazard. This by proposing a valuation of Odealim costing around 950 million euros, L’Agefi has learned. The price was particularly high, with the group led by Xavier Saubestre and Xavier Paturel having a turnover of 160 million euros for a gross operating profit (Ebitda) of just over 55 million euros. On the financing side, this leverage redemption (LBO) will be provided by a unit brought in by Arcmont Asset Management, the former private team of BlueBay AM.

Long before the sale process began, TA Associates received multiple unsolicited offers. It must be said that the growth of the court attracted the name of observers. “When the insurance brokerage industry grows by 3 to 4 percent a year, Odealim follows a trajectory of more than 10 percent a year,” said Yann Bak, a partner at Ardian. Driven by TA Associates, the group saw its six-fold revenue complete in the Hexagon. In particular the acquis Ripert de Grissac et Pisano in Marseille, the firms Brun, Assurgérance et BVD in Lyon, Fidentialp in Grenoble and Bâti Assure in Tours. Or Cautioneo, an unpaid rent guarantee solution, this year.

Expected synergies

Odealim has also diversified into borrowing and credit brokerage by investing in Assurtech Digital Insure in 2020, and then buying Artémis Courtage real estate loan broker last year. Cross-selling opportunities are expected with these two entities. With its new shareholding, the group intends to continue its strong external growth dynamics while focusing on new segments such as the tertiary sector. Odealim presents itself as the national leader in multi-risk real estate brokerage and the number three in guaranteeing unpaid rents. Within two years, it intends to begin its internationalization.


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