Charterhouse Capital Partners enters into exclusive negotiations for the sale of Siaci Saint Honoré
July 02, 2021
London, 2nd July 2021: Charterhouse Capital Partners LLP (“Charterhouse”), one of the longest established private equity firms operating in Europe, announces today that it has entered into exclusive negotiations for the sale of Siaci Saint Honoré (“Siaci” or the “Company”), a leading global B2B insurance brokerage, to a consortium of investors led by Burrus Group (“Burrus”), the majority shareholder of DIOT.
The deal will see the formation of a newly combined group and create an independent European leader in insurance consulting and brokerage, which will be one of the top ten international players in the sector. Charterhouse will fully exit the Company as part of the deal, which is expected to be finalised in the second half of 2021.
Charterhouse acquired a majority stake in Paris-headquartered Siaci in 2018, having tracked the business for more than 18 months and identified it as a high-quality business in a fragmented market. During Charterhouse’s ownership Siaci has grown significantly via organic initiatives and accretive M&A. The Company’s international presence has been significantly strengthened in key territories through new product developments, including the expansion of the International Mobility division which has become the market leader in China. In addition, Charterhouse has significantly invested in the organisation and strengthened the Company’s corporate governance through the recruitment of a high calibre CFO and supported material investment in IT to accelerate the move to digitalisation. Furthermore, Siaci has completed nine acquisitions since 2018 complementing its core business and expanding into new adjacent markets.
Fabrice Georget, Partner at Charterhouse Capital Partners, commented: “Siaci Saint Honoré has been on an exciting growth journey in recent years. We’ve been delighted to support the Company’s development in this time, through both organic growth initiatives and expansion via acquisition. The newly combined group will form an international leader in the insurance broking sector and create an important European champion, well positioned for further strategic expansion. We wish Pierre and the team at Siaci every success in the future.”
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About Charterhouse Capital Partners LLP
Charterhouse is one of the longest established private equity firms operating in Europe. The firm connects expertise and capital, collaborating with ambitious management teams to drive transformational change.
Charterhouse has a selective, conviction-led approach to investing in high-quality mid-market European companies across the Services, Healthcare, Specialised Industrials and Consumer sectors. It targets transactions with an enterprise value of between €200m and €1.5bn.
Charterhouse’s international team works in an integrated and flexible manner. This allows the firm to work in true partnership with management and combine the skills, knowledge and experience of its entire team to help build successful businesses over the long term.
Charterhouse is currently investing from its tenth private equity fund. The firm has completed more than 150 acquisitions over 35 years of activity in the European buyout market, with a total value in excess of €23 billion, including over €3 billion invested in France, making Charterhouse one of the country’s leading foreign investors.
About SIACI SAINT HONORE
SIACI SAINT HONORE, a leading provider of consulting and brokerage services in property and personal insurance, designs and develops customized solutions for its large, mid-cap and SME corporate clients. The Group assists them over the entire value chain to manage their risks in Property and Casualty, Marine and Cargo, Employee Benefits and Consulting and International Mobility. The firm has more than 3,000 employees and insures 3 million individuals worldwide. In 2020 it reported turnover of €465 million.
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