Synex Performance d'Affaires takes majority stake in FMA Group
Context
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.
Previously, FMA Group had been acquired in an LBO by 21 Invest in 2019.
FMA Group, which reported an EBITDA margin of [members only] in 2025, 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).
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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
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with FMA Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2019 | 21 INVEST | FMA GROUP (FMA ASSURANCES) | FRANCE | Brokerage |
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REFERENCES
Valuation range: EV €100–350M
Revenue range: €25–50M
EV/Revenue range: 2x - 6x
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 Synex Performance d'Affaires 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.
Target: fma group
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