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04/2019MajorityLBO

21 Invest takes majority stake in FMA Group

FRANCE Brokerage REV €10–30M

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, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Financial Services sector (12.3x in 2026).

-> Deep-dive in Financial Services market trends

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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
€10–30M
[members only]
[members only]
2017
€10–30M
[members only]
[members only]

Other operations with FMA Group

Other operations with FMA Group
DateAcquirerTargetCountrySector
03/2026SYNEX PERFORMANCE D'AFFAIRESFMA GROUP (FMA ASSURANCES)FRANCEBrokerage

Other operations with 21 Invest

Other operations with 21 Invest
DateAcquirerTargetCountrySector
09/202621 INVESTGRUPO CELESASPAINSpecial Machinery
06/202621 INVESTKALI ENVIRONNEMENTFRANCEEngineering & Consulting
12/202521 INVESTPARKINGO GROUPITALYInfrastructure & Ground Services
09/202521 INVEST / BNP PARIBAS BNL EQUITY / FONDO ITALIANO DI INVESTIMENTOELSE SOLUTIONSITALYDiagnostic Equipment
05/202421 INVEST / OAKLEY CAPITAL INVESTMENTSPRODUCT LIFEFRANCEHealthcare Services
11/202321 INVESTCONEXFRANCEIndustry-Specific Software
04/201421 INVESTFORNO D’ASOLOITALYBakery / Pastry
05/200721 INVESTSUD ROBINETTERIE INDUSTRIEFRANCEValves, Pumps & Taps

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REFERENCES

Revenue range: REV €10–30M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FMA Group by 21 Invest 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.

Press release: view release

Target: fma group

Acquirer: 21 invest

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in FMA Group, a French company specialised in Brokerage, by 21 Invest in 2019, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Synex Performance d'Affaires in March 2026 (see the dedicated deal page for details).

What was FMA Group’s revenue at the time of the deal?

At the time of the transaction, FMA Group’s annual revenue was estimated within the €10–30M range (FY 2018). Detailed financial figures are available to members.

How does the valuation of FMA Group compare to benchmarks in the Financial Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Financial Services sector are valued at a multiple of 12.3x EBITDA.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

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