Context

21 Invest France acquired a majority stake in FMA Assurances, partnering with founder and President Ludovic Dumont who retains an equity position and continues to lead the business. The transaction was supported by EY's M&A department (Jean-Louis Duverney-Guichard) on the seller side. The investment thesis centres on strengthening FMA's position on its existing segments and accelerating growth through organic development and bolt-on acquisitions in new niche insurance markets.

Target

FMA Group is a French insurance broker originally specialised in two-wheeler insurance, which significantly diversified its offering through five bolt-on acquisitions during 21 Invest's ownership. The group expanded into health insurance, mobility insurance (via the acquisition of Auvray Security), and corporate insurance (via the acquisition of Ouest Assurance), transforming itself from a niche mono-line broker into a multi-specialty insurance brokerage platform.