12/2022MajorityLBO

KKR takes majority stake in April

FRANCE Brokerage EV €1–10bn

Context

KKR is acquiring insurance broker April from CVC Capital Partners for EUR2.3 to EUR2.4 billion, representing 15 times its projected 2022 EBITDA. The deal is highly profitable for CVC, which valued April at EUR900 million three years ago, representing a 2.5-fold increase in value.

In the past, April was acquired by CVC in 2019 as part of its expansion strategy.

April, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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Target

A leading international insurance brokerage group and the pioneer of wholesale brokerage in France. April designs, manages, and distributes insurance solutions (Health, Personal Protection, P&C) through a network of 15,000 partner brokers and its own digital platforms.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with April

Other operations with April
Date	Acquirer	Target	Country	Sector
01/2019	CVC	APRIL	FRANCE	Brokerage

Other operations with KKR

Other operations with KKR
Date	Acquirer	Target	Country	Sector
10/2023	KKR	CIRCOR INTERNATIONAL	UNITED STATES	Valves, Pumps & Taps
07/2023	KKR / MUBADALA	COOLIT SYSTEMS	CANADA	Servers & Networks
11/2022	KKR / GLOBAL INFRASTRUCTURE PARTNERS	VANTAGE TOWERS	GERMANY	Infrastructures
09/2022	KKR	BARRACUDA NETWORKS	UNITED STATES	Cybersecurity Services
02/2022	KKR	REFRESCO	NETHERLANDS	Beverages
01/2022	KKR	ACCELL GROUP	NETHERLANDS	Cycling & Micromobility
12/2021	KKR	PUREGYM	UNITED STATES	Hospitality
11/2020	CINVEN / KKR / PROVIDENCE EQUITY PARTNERS	MASMOVIL	SPAIN	Operators
10/2020	KKR / TETHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERS	ELSAN	FRANCE	Clinics / Hospitals
07/2020	KKR	DEVOTEAM	FRANCE	IT Services

Similar deals in Brokerage

Similar deals in Brokerage
Date	Acquirer	Target	Country	Sector
12/2023	PERMIRA	GGW GROUP	GERMANY	Brokerage
07/2023	SANTIANE	UGIP ASSURANCES	FRANCE	Brokerage
09/2022	HLD	GROUPE VILAVI	FRANCE	Brokerage
01/2022	ARDIAN	ODEALIM	FRANCE	Brokerage
07/2021	ABENEX	GROUPE LEADER INSURANCE	FRANCE	Brokerage
07/2021	CHARTERHOUSE	SIACI SAINT-HONORE	FRANCE	Brokerage
05/2021	BLACKFIN CAPITAL	CAFPI	FRANCE	Brokerage
03/2021	GROUPE FINIZY (MEILLEURTAUX)	ACTIVE ASSURANCES	FRANCE	Brokerage
10/2020	LATOUR CAPITAL	SANTIANE	FRANCE	Brokerage
07/2020	ARDIAN	FINAXY	FRANCE	Brokerage

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €100–200M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of April by KKR are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in April, a French company specialised in Brokerage, by KKR in 2022, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in January 2019, when the company was acquired by CVC.

How was the acquisition of April by KKR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were April’s revenue and EBITDA at the time of the deal?

At the time of the transaction, April generated annual revenue estimated in the €450–900M range and EBITDA in the €100–200M bracket (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

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