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.

FMA GROUP (FMA ASSURANCES), which reported an EBITDA margin of LOGIN in 2025, 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).

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