Howden continues its expansion on the French market by acquiring Seasecure
Paris (France), 5 October 2022,
Financière de Courcelles has advised Howden Group to acquire Seasecure, the last remaining independent marine broker in France. This operation represents the third acquisition in France for Howden Group after CRF Conseils (Financial Lines specialist) in July 2022 and Théorème (Motor fleet, IARD and Employee Benefits broker) in October 2022.
Founded in 1994, Howden Group is a leading international insurance distribution group with core activities of retail, specialty and reinsurance broking. With more than 12,000 employees, the company is headquartered in the United Kingdom and operates in 90 countries and 45 companies held in Europe, Asia, Africa, Latin America, Pacific and Middle East.
Howden Group established in France in February 2022 following the appointment of Nicolas Aubert, ex-director of AIG France and ex-director of Willis Tower Watson UK, as CEO of Howden France. The group aims to become one of the leaders of the French brokerage market and a European alternative to the large North American companies on all the B2B insurance products.
Founded in 2008 and headed by Jean Brossollet, Seasecure comprises two operating entities, Seasecure and Guian, having acquired the latter, a Le Havre-based marine broker, in 2018. Together, Guian and Seasecure serve shipowners, charterers, operators, and all actors in the supply chain. Guian’s expertise is particularly recognised in the fields of merchant and service vessels, inland waterways and French & international fisheries insurance.
This latest transaction follows Howden France’s recent acquisitions of C.R.F. Conseils and Théorème, reflecting its strategy to materially broaden its product offering and to deliver more choice for French clients. These partnerships also accelerate the delivery of Howden’s global specialty expertise into local markets.
Nicolas Aubert, CEO, Howden France, comments: « Seasecure and Guian provide the talent, technical knowledge and skills that will allow us to both expand and enhance our platform in France. Their specialist positioning is perfectly aligned with our strategy for Howden France. Building on the acquisitions of C.R.F and Théorème, this latest deal reaffirms our ambition to build a platform based on leading experience and expertise, which will welcome the best talents in the French insurance market. »
Jean Brossollet, General Manager, Seasecure, says: « Howden’s ambition is to be one of the leading brokers in France, with a strong presence in the country and a range of services in the “specialties”. By combining our expertise and our energy to develop an ambitious - and necessary - alternative in the French market, we will be able to offer our clients a comprehensive range of services. With the acquisition of Seasecure and Guian, Howden is laying the foundations of a Marine branch that will be significant in France. This combination opens up tremendous opportunities for our clients and our teams! »
The FDC team is delighted to have supported Howden Group in this third acquisition. This mission reflects FDC’s specific M&A approach which combines (i) strong sector expertise and (ii) advisory services to large corporate groups in their multi-buy-side growth strategy.
STAKEHOLDERS IN THE OPERATION
Howden Group side:
- Company: Howden France (Nicolas Aubert, Adrien Laplane) ; Howden Group Corporate Finance and Legal (Dimitri de Lamazière, William O'Grady, Steph Ayre)
- Financial advisor: Financière de Courcelles (Michael Petit, Bertrand de Saint Remy, Dominique Guerit, Charles Delbarre, Hamza Lahna)
- Legal advisor: Gide Loyrette Nouel (Hugues Scalbert, Pierre-Guillaume Sagnol)
- Financial due diligence: Mazars (Zied Loukil, Jessy Coulon, Andres Roldan Diaz)
- Tax due diligence: Mazars (David Chrétien, Valentin Scotti Volpe)
Seasecure side:
- Company: Seasecure (Jean Brossollet)
- Financial advisor: Somexo (Myriam Cheloua, Bernard Robbino)
- Legal advisor: Jaberson Avocats (Charles Jamet, Damien Billet, Clémence Bonifacio, Astrid Samuelian, Maxime Santucci)
Compagnie Nationale de Navigation (CNN) sells Héli-Union to Sabena Technics
Paris (France), 6th October 2022,
Financière de Courcelles advised Compagnie Nationale de Navigation (CNN) on the sale of Héli-Union to Sabena Technics.
With 350 employees, Héli-Union is a European leader in the support and maintenance of helicopter fleets, serving governments and private clients worldwide. Currently active in six countries, Héli-Union is also a specialised air operator with its own fleet of helicopters.
The acquisition of Heli-Union is in line with Sabena's strategy - supported by Sagard, Towerbrook and BPI - to strengthen its position as a key player in the military helicopter maintenance sector. Héli-Union will represent approximately a third of Sabena’s consolidated turnover.
The Financière de Courcelles team is delighted to have supported CNN in this sale, thus confirming its strong momentum in the defence sector.
STAKEHOLDER’S LIST :
Sell-side:
- M&A advisor: Financière de Courcelles (Emmanuel Antmann, Noël Forgeard, Marine Ravier)
- Legal advisor: Eversheds Sutherland (Jean-Robert Bousquet, Geffroy Loncle de Forville, Victor Grillo)
Buy-side:
- Legal advisor: Mayer Brown (Olivier Aubouin, Marine Ollive)
- Due diligence: PWC (Nicolas Veillepeau, Julien Sauvard, Arnaud Valla)
Howden accelerates their French expansion by acquiring Théorème
Paris (France), September 28th, 2022,
FDC has advised Howden Group to acquire Théorème, a family-owned corporate insurance broker headquartered in Paris. This operation represents the second acquisition in France for Howden Group after CRF Conseils in July 2022.
Founded in 1994, Howden Group is a leading international insurance distribution group with core activities of retail, specialty and reinsurance broking. With more than 12,000 employees, the company is headquartered in the United Kingdom and operates in 90 countries and 45 companies held in Europe, Asia, Africa, Latin America, Pacific and Middle East.
Howden Group established in France in February 2022 following the appointment of Nicolas Aubert, ex-director of AIG France and ex-director of Willis Tower Watson UK, as CEO of Howden France. The group aims to become one of the leaders of the French brokerage market and a European alternative to the large North American companies on all the B2B insurance products.
Founded in 1991 and led by Xavier de Font-Réaulx, the business has grown to become a significant broker in France, with a market-leading Motor Fleet platform and specialisms within Property & Casualty and Employee Benefits.
Théorème is uniquely placed in the market to service large, medium and small corporate clients across the full insurance value chain, with a multi-specialist approach and deep specialism and expertise. The firm has grown significantly in recent years and currently serves 1,500 clients across its offices in Paris, Annecy and Nantes.
This acquisition follows Howden’s recent agreement to acquire C.R.F. Conseils and underlines Howden’s continued investment in expertise for the benefit of its French clients.
Nicolas Aubert, CEO, Howden France commented: “Théorème offers knowledge and technical skills that will allow us to both expand and enhance our client proposition in France. The firm’s multi-specialist positioning is highly complementary to Howden’s capabilities and Théorème’s Motor Fleet platform is unmatched. Building on our acquisition of CRF Conseils, our purchase of Théorème reasserts our ambition to build a platform based on advanced experience and expertise, which will welcome the best talent in the French insurance market.”
Xavier de Font-Réaulx, President, Théorème said: “We are proud of the entrepreneurial and autonomous culture that we have developed and nurtured at Théorème over the past 30 years. When it came to thinking about the future of our family business, after many steps, we enthusiastically chose to join Howden. Joining the Howden “family” is ideal for us. We have common principles centred on expertise, collective culture, a vision for employees and a customer-centric approach.”
Etienne de Font-Réaulx, Motor Fleet Director, Théorème said: “By choosing Howden, our ambition is to continue as a leader in the Motor Fleet insurance market with new digital tools and a dedicated and highly specialised team that will provide our customers with a service that adds high value every day.”
Martin de Font-Réaulx, P&C Director, Théorème added: “Howden will strengthen our existing specialities and allow us to open up new ones by bringing in new technical skills. This is great news for our customers and also for our teams who will have opportunities in this growing market.”
Luigi Sturani, CEO, Howden Europe said: “Our ambition to position ourselves as one of the leading brokers in Europe is no secret. Partnering with strong strategic and culturally aligned businesses, attracting the industry’s top talent - Théorème’s Xavier de Font-Réaulx and his team and unlocking organic growth is enabling Howden to rapidly grow across the Continent and establish itself as the European-focused alternative in the broking market. The acquisition of Théorème brings us a step closer in fulfilling our ambition to position ourselves among the leading brokers in France and we’re looking forward to welcoming Théorème’s employees and clients to Howden.”
The FDC team is delighted to have supported Howden Group in this operation, an important milestone in the conquest of the French market.
STAKEHOLDERS IN THE OPERATION
Howden Group side:
- Company: Howden Group (Nicolas Aubert, Adrien Laplane) ; Howden Group Corporate Finance and Legal (Dimitri de Lamazière, William O’Grady, Chris Keville)
- Financial advisor: Financière de Courcelles (Bertrand de Saint Remy, Michael Petit, Charles Delbarre, Hamza Lahna)
- Legal advisor: Gide Loyrette Nouel (Hugues Scalbert, Pierre-Guillaume Sagnol)
- Financial due diligence: PwC (Hervé Demoy, François Bourrelier)
- Tax due diligence: PwC (François-Marc Venier, Lidija Volpe)
- IT due diligence: PwC (Philippe Weber)
Théorème side:
- Company: Théorème (Xavier de Font-Réaulx, Etienne de Font-Réaulx, Martin de Font-Réaulx)
- Financial advisor: Cambon Partners (Guillaume Eymar, Vincent Ruffat, Thomas de Villeplée)
- Legal advisor: VOLT Associés (Lucas d'Orgeval)
- Financial due diligence: Deloitte (Vincent Rapiau)
- Legal and tax due diligence: KPMG (Franck Bernauer, Vincent Berger)
Acquisition of CRF Conseils marks start of French expansion for Howden
Paris (France), September 28, 2022,
FDC has advised Howden Group to acquire CRF Conseils, an independent broker specialised in Financial Lines. This operation represents the first acquisition in France for Howden Group.
Founded in 1994, Howden Group is a leading international insurance distribution group with core activities of retail, specialty and reinsurance broking. With more than 12,000 employees, the company is headquartered in the United Kingdom and operates in 90 countries and 45 companies held in Europe, Asia, Africa, Latin America, Pacific and Middle East.
Howden Group established in France in February 2022 following the appointment of Nicolas Aubert, ex-director of AIG France and ex-director of Willis Tower Watson UK, as CEO of Howden France. The group aims to become one of the leaders of the French brokerage market and a European alternative to the large North American companies on all the B2B insurance products.
Held by Didier Arminjon and Didier Seigneur since 2016, CRF Conseils is an independent broker specialised in Financial Lines since 1999. The company mainly works for financial institutions, start-ups and mid-sized companies by providing them targeted insurance solutions (liability of executives and corporate officers, key person insurance, fraud, liability guarantee, IPO, legal protection, etc.).
Howden Group is also renowned for its financial lines expertise abroad and this operation will offer the group a chance to reinforce its expertise in France.
Nicolas Aubert, CEO, Howden France commented: “This acquisition is the best way to launch ourselves in France as a credible and differentiating alternative. The CRF team have best-in-class backgrounds and reputations in the market and their decision to join Howden is a signal to the market of our commitment to build a new broker in France, which is founded on expertise and quality of talent and that brings value to all of our stakeholders, including entrepreneurial talent, clients and insurance partners.”
Didier Arminjon, CEO, CRF said: “We have been approached several times to sell our business, which we have always declined. Why? Our autonomy and the entrepreneurial side of our business are essential. We strongly believed that we would only join a group that shares our DNA and having had the opportunity to meet the leaders of Howden on various occasions, and to listen to them talk about their culture, their values, their priorities, their vision, we knew that Howden could be the ideal partner for us.”
Didier Seigneur, Deputy CEO, CRF added: “We are certain that by joining Howden, we will be stronger and better able to support our clients by delivering ever more sophisticated solutions, with the same listening and attention, the same professionalism that we have always had, but leveraging Howden’s international presence and expertise. Finally, we will be in a better position to recruit the future talent that our customers need. The opportunities in the market are significant; we will have the means to seize them to strengthen our growth.”
The FDC team is delighted to have supported Howden Group in this operation, an important milestone in the conquest of the French market.
Howden Group side:
- Company: Howden Group (Nicolas Aubert, Adrien Laplane) ; Howden Group Corporate Finance and Legal (Dimitri de Lamazière, William O’Grady, Chris Keville)
- Financial advisor: Financière de Courcelles (Bertrand de Saint Remy, Michael Petit, Dominique Guérit, Charles Delbarre, Hamza Lahna)
- Legal advisor: CMS Francis Lefebvre Avocats (Benoît Gomel, Chloé Delion)
- Financial due diligence: Mazars (Zied Loukil)
- Tax due diligence: Mazars (David Chrétien)
CRF Conseils side:
- Company : CRF Conseils (Didier Arminjon, Didier Seigneur)
- Financial advisor: WH Conseils (François-Xavier Redier, Emmanuel Drevon, Quitterie Nielly)
- Legal, Tax and Social advisor: Moncey Avocats (Frédéric Pinet)
FDC advises the founder of Primum Non Nocere - a French leader in CSR and environmental health services - on its integration into Grant Thornton
Paris (France), September 15th, 2022 - Grant Thornton integrates Primum Non Nocere, a CSR consulting expert with expertise in the fields of sustainable development, environmental health and health security.
FDC advises the founder of Primum Non Nocere - a French leader in CSR and environmental health services - on its integration into Grant Thornton
Primum Non Nocere offers one-stop-shop services for CSR: audit, technical studies, coaching, consulting and training. In addition, the company has created and developed the “THQSE” (Very High Sanitary, Social and Environmental Quality) label recognized by Responsibility Europe. Primum Non Nocere combines innovation, digitalization and complementary expertise. Primum Non Nocere is the leading CSR player in the very strategic healthcare sector (hospitals, clinics, maternity wards, etc.). For the past two years, Primum Non Nocere has successfully initiated a diversification (financial services, tourism, culture...) which will be consolidated and amplified in the context of the integration into Grant Thornton.
With a staff of about 40 employees with specialized and complementary expertise, Primum Non Nocere is a fast-growing player, driven by the quality of its service offering and by a dynamic market for environmental and health-related issues.
Financière de Courcelles initially supported Olivier Toma, founder of Primum Non Nocere, in his reflexion and structuring of the company to face the major challenges linked to a strong growth. Financière de Courcelles then organized privileged discussions with a number of players in the field of sustainable transformation with the aim of matching the company with the best partner and preserving its strong culture and values.
Olivier Toma - founder and CEO of Primum Non Nocere – will become a Partner of Grant Thornton. Olivier Toma comments: "We have particularly appreciated working with Financière de Courcelles which has always worked closely and in a perfect spirit with us. Financière de Courcelles has greatly contributed to the success of this operation by being a high value-added and trusted advisor for all parties involved in the transaction.”
This integration allows Grant Thornton to strengthen its expertise in CSR and environmental health. Robert Dambo said: "Grant Thornton and Primum Non Nocere are joining forces to accelerate the transformation of companies and organizations in the service of dedicated sustainable growth. Our common expertise allows us to propose more resilient models, reconciling societal and environmental challenges with the overall performance of companies." For Nathalie Magraitte, Partner Grant Thornton, in charge of CSR strategy: "There are many challenges to the transformation of companies. It is urgent to accompany organizations in the transformation of their model. With the integration of Primum Non Nocere, we combine the strategic support of companies and organizations in all sectors with the field expertise of a team of experts, mobile throughout the country.”
Guillaume Piette, Managing Partner at Financière de Courcelles, concludes:
"We are delighted to have accompanied Olivier Toma and his teams in this major step in the history of Primum Non Nocere. This merger reflects Financière de Courcelles' expertise in tailor-made support for founding managers and strengthens our sector expertise in the environmental consulting and impact company sector. Moreover, the long-term support provided to Olivier Toma illustrates the relevance of the Augmented M&A model developed by Financière de Courcelles.”
About Primum Non Nocere (PNN)
Founded in 2009, PNN offers a one-stop-shop of CSR services: auditing, support, labeling (via its own label "THQSE") and training / e-learning. To do this, PNN has developed numerous digital, scalable and automated tools, making it a particularly innovative player. As a French reference in the health sector (hospitals, clinics, maternity wards, etc.), PNN has successfully initiated a diversification movement (financial services, tourism, culture, etc.) in a particularly fast-growing market for these issues.
About Grant Thornton
Grant Thornton is an audit, consulting and financial advisory group. In France, it employs more than 2,000 people, including 126 Partners in 23 offices, and is positioned in 5 business lines: Audit, Consulting, Financial Consulting, Operational Consulting & Outsourcing and Legal & Tax Consulting. The presence of member firms in 130 countries throughout the world enables Grant Thornton to offer a complete and multidisciplinary range of services to executives whose needs require a global approach.
Union Industrielle acquires AGB Courtage
Paris (France), on September 13, 2022,
FDC advised Union Industrielle on the acquisition of AGB Courtage.
Founded 30 years ago by a Lyon-based industrial, Union Industrielle is an insurance brokerage and risk management consulting firm dedicated to companies of all sizes. Composed of 25 employees, Union Industrielle has been managed since 2017 by Paul-Emile Leroy, Chairman of the board.
AGB is a brokerage company of 10 employees based in Grenoble, specializing in business risks and with strong specialties in the fields of real estate and construction. Romain Passot has been the CEO since 2011.
With this acquisition Union Industrielle is pursuing its growth strategy based on:
- strengthening its regional leadership in the business risk market,
- asserting the added value of a sustainable and independent insurance brokerage group, based on a historical family shareholding,
- enriching offers by providing additional expertise on corporate, real estate and construction risk,
- maintaining a customer relationship based on proximity, attentiveness and responsiveness.
« We are very pleased to welcome Romain Passot and his team, and to spur a new impulse for AGB Courtage. Sharing similar professional and human values, as well as a common desire to contribute to the growth of a leading broker in business risks, have been key for the success of the operation » declares Paul-Emile, Chairman of the board of Union Industrielle.
« After 12 years of steady growth, teaming with Union Industrielle will enable us to deepen our position in the Alpes and to benefit from the strength and know-how of an exemplary broker for corporate targets. The vision of our business and its evolution, the notions of independence and family ownership, the attachment to proximity and the quality of customer relations are all elements that convinced us that this merger project was a decisive step in the development of AGB Courtage. This will be of great benefit to the firm's employees and clients. » according to Romain Passot, CEO of AGB Courtage
The Financière de Courcelles FIG team is pleased to have supported Union Industrielle in this acquisition and thus reasserts its strong momentum in the financial services and insurance brokerage sector.
STAKEHOLDER’S LIST :
Buy-side :
- Buyer: Union Industrielle (Paul-Emile Leroy, Bruno Lamy)
- M&A advisor: Financière de Courcelles (Bertrand de Saint-Remy, Dominique Guérit, Jacques Schwab, Marine Ravier), Exco Finance et Transactions (Jacques Schwab)
- Legal advisor: Pichard & Associés (Hervé Pichard, Marlène Bartholomot, Adrien Hamiche, Sonia Barge)
- Financial due diligence : RSM (Christophe Demeure)
Sell-side :
- Seller: AGB Courtage (Romain Passot)
- Finance advisor: Segaud et Associés (Frédéric Bréjon, Albine Ortega)
- Legal advisor: Lonjon & Associé (Sophie Laheurte, Laetitia Poujaud)
Eureka Education has acquired ESCT
In Paris, on 03/08/2022,
FDC advised Eureka Education Group in the acquisition of the Ecole Supérieure de Conduite de Travaux (ESCT)
FDC advised TS in its development strategy through the acquisition of GTC Technics (Belgium)
Paris (France), July 28th 2022
TSG, the European leader in technical services for responsible mobility solutions, is pleased to announce the acquisition of GTC Technics, a key player in gas installations based in Belgium
GTC Technics, a Belgium-based (in Ghislenghein, South-East Bruxelles) company, is specialized in installation, maintenance and repair of industrial gas (propane, butane, LNG and LPG) infrastructures including cryogenic ones, for fueling stations, industrials sites and factories. They are also operating in gas tanks storage and renovation, small bulk installation, and maintenance. This acquisition allows TSG to integrate new highly skilled gas technicians and welders.
With GTC Technics acquisition, TSG is closing its first acquisition in Gas and accelerates its development in new energy for mobility where gas is playing a key role in the transition phase, in particular for heavy transportation. Acquiring GTC Technics will allow TSG to reinforce its gas competencies, to diversify its customer base and to reinforce its presence in Belgium to better serve its customers’ base.
TSG is a major player in the consolidation of technical services for mobility. The group wishes to pursue its strategy by relying on its strong entrepreneurial culture and its European leadership - presence in 30 countries, over €770m annual turnover, and over 5,000 employees.
FDC is proud to have advised TSG on this cross-border transaction, which allows TSG to strengthen its presence in Benelux and to affirm its ambitions in new energies for mobility.
Financière de Courcelles is advising TSG in its European development plan of external growth, through its multi-buy-side offer.
BEA Group welcomes Andera Acto to support its next development cycle
Paris (France), 20 July 2022,
FDC advised BEA Group in a sponsorless financing transaction with Andera Acto to support the company's strong development. This investment marks the opening of a new phase of organic and external growth.
The group's objective is to strengthen its position as a key player in Civil Liability for public establishments in France, while expanding into new segments and to other clients.
Marco Favale, Chairman of BEA Group: "A new and ambitious page is being turned for the group with the support of Laurent and his team. I would like to thank him warmly and I am convinced that the skills and experience brought by Andera Acto will help us to write this new chapter successfully.
Founded in 2009, BEA Group is a broker specialising in civil liability for public institutions. The Group also offers bodily injury claims management services through its subsidiary AGSM as well as products for private institutions, local authorities, construction and healthcare professionals.
BEA Group has achieved strong turnover growth with 60 employees in France, Italy and the UK, and is currently pursuing external growth opportunities in Italy, while considering expansion into other European countries.
The group has built up a strong expertise through the development of services with increasing added value for insurers, enabling it to position itself as a key partner for risk carriers.
The FDC team is delighted to have supported BEA Group and its management in this transaction, having constructed a financial operation that corresponds to its objectives and needs for the years to come.
STAKEHOLDERS IN THE OPERATION
Company side:
- Company: BEA Group (Marco Favale, Alexandre Martinache, Vincent Cartier)
- Financial advisor: Financière de Courcelles (Christophe Brière, Charles Delbarre, Nikita Picard)
- Legal advisor: Bolze Associés (Tiphaine Hue, Salomé Khanoyan, Chloé Marchadier)
Investor side:
- Investors: Andera Acto (Laurent Fichter, Antoine Soucaze, Fadwa Dardar)
- Strategic advice: Courcelles Conseil (Pascal Procureur-Chaix, Bertrand Dimont)
- Legal, tax and social: Thémis (Xavier Roguet, Marina Cave, Rémi Kieffer)
- Financial due diligence: Odéris (Aurélien Vion, Louis Templier, Corentin Burlot, Clara Jimenez)
Sell of Cercle Magellan to Mrs. Sandrine RAMPONT
Paris on July 18, 2022,
FDC advised Cercle Magellan on its sale to Mrs. Sandrine RAMPONT.
Investindustrial acquires COMAX France
Paris, July 18, 2022,
FDC advised Investindustrial on the acquisition of COMAX France, an independent producer of electrical and thermal energy specializing in cogeneration and peak production.
FDC advises Apax Partners on the acquisition of a majority stake in Vitaprotech
Paris (France), 13th July 2022,
FDC advised Apax Partners in the acquisition of a majority stake in Vitaprotech, the French leader in premium security solutions for sensitive sites.
Founded in 2012, Vitaprotech addresses all customers' needs in terms of securing sensitive sites, through an integrated offering built around three complementary areas of expertise: access control management, perimeter intrusion detection, smart monitoring.
Backed by Eurazeo since 2018 and led by its Chairman Eric Thord, the group has demonstrated a strong organic growth driven by dynamic underlying markets and accelerated by a proven buy&build strategy (9 completed acquisitions in the last 4 years). Vitaprotech has also continued its transformation by strengthening the weight of software solutions and managed services (c.45% of its activity), supported by significant R&D investments.
With a targeted turnover of €80m+ in 2022, Vitaprotech has tripled its size since 2018 and now manage 400+ employees in France and internationally.
FDC advised Eurazeo in 2018 in structuring a preemptive offer. With Apax, Vitaprotech will partner with a leading Private Equity fund to deal with its technological and international transformation.
This transaction once again illustrates FDC’s expertise in the Technology sector and its ability to support successful and resilient companies in a dialogue with leading financial partners to build a sustainable development around favorable market fundamentals. In an intense international competitive process, FDC advises financial and strategic investors to acquire rare assets. The acquisition of Vitaprotech by Apax comes shortly after the acquisition of Orolia by Safran, also advised by FDC.