FMA GROUP (FMA ASSURANCES)
Acquired by
21 INVEST
FMA GROUP (FMA ASSURANCES) acquired by 21 INVEST
Target
FMA GROUP (FMA ASSURANCES)
Acquirer
21 INVEST
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.
FMA GROUP (FMA ASSURANCES), which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (14.0x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with FMA GROUP (FMA ASSURANCES)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2026 | SYNEX PERFORMANCE D'AFFAIRES | FMA GROUP (FMA ASSURANCES) | FRANCE | Brokerage | 21 Invest sold its controlling stake in FMA Group to Canadian insurance broker Synex Performance d'Affaires after approximately six years of ownership. Founder Ludovic Dumont sold a portion of his shares but retained a significant minority stake in the business, while a small portion of capital remains with the management team. The sale process was mandated to investment bank Cambon in summer 2025 and attracted interest from both financial sponsors and strategic buyers. Despite an initial preference for a financial sponsor — given Dumont's desire to remain at the capital — Synex's offer ultimately prevailed as the superior bid, combining an industrial valuation premium with a shareholder structure accommodating Dumont's continued involvement. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Acquirer: 21 invest