Deal overview

Date : September 2022

Sector : Financial services

Type of transaction : M&A -  Buy side advice

Deal Team : Stéphane Benouaich / Paul Krotoff

Background

  • Odealim (Formerly Assurcopro) is a tier 1 insurance broker with a strong focus on real estate professionals generating c.€160m sales
  • Founded in 1998, the company became the leading insurance brokerage specialist for real estate professionals (primarily property managers, institutional investors, co-ownerships, etc.) by developing insurance solutions for their properties (including multi-risk building insurance, structural damage policies and unpaid rent guarantees)
  • Odealim recently diversified its activities through the acquisitions of :
    • Digital Insure in 2020, a Fintech specialising in both credit and insurance
    • Artémis Courtage in 2021, a leading French mortgage loan broker with 90 agencies (strong presence in Paris region, North and Atlantic coast) and more than 400 employees in an operation advised by Mirabaud Advisors

Process

  • Mirabaud Advisors was mandated by Ardian Buy Out as buy side advisor to lead the negotiations with Odealim and TA Associates
  • Mirabaud Advisors relied on its strong relationships with Odealim (having advised Artémis during the merger with Odealim in 2021) and TA Associates to structure an offer in a competitive process
  • Mirabaud supported Ardian Buy Out with its extensive knowledge of the asset and business model to  allow Ardian’s team to outpace the competition in an “off market” limited auction

Outcome

  • Following the new investment, the company is well positioned to continue its strong organic growth, further integrate the recently acquired companies, and capitalise on its extensive M&A pipeline. Ardian and TA Associates, both with proven track-records in financial services, will support the Group in further consolidating its positions in existing markets, notably in construction (policies covering structural damage, decennial liability etc.), as well as in new sectors of activities like the institutional real estate market
  • This transaction illustrates the ability of Mirabaud Advisors to advise large cap transactions (EV of c.€1bn)
  • The deal also strengthens the reputation of Mirabaud as a trusted advisor of leading Tier 1 private equity funds

France

Stéphane Benouaich

Head of Mirabaud Advisors, France


MIRABAUD ADVISORS FRANCE SAS
13, avenue Hoche
75008 Paris
T +33 1 44 21 61 00

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Odealim official website

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“This transaction is a typical repeat business case. Advising on the disposal of Artemis Courtage to Odealim in 2021, we built a solid working relationship with Odealim’s top management and PE shareholder TA Associates. This strong relationship meant we were perfectly positioned to assist Ardian Buy Out in this expedited “off market” approach.”

Stéphane Benouaich
CEO & Head of M&A at Mirabaud Advisors Paris