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.

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.