KEREIS takes majority stake in SANTIANE
Context
The acquisition of Santiane by Kereis represents a strategic move, driven by the latter's intention to expand its market footprint and reinforce its position in the French insurance industry. Through this transaction, Kereis aims to leverage Santiane's expertise in the health and prevoir sector, while also diversifying its service offerings and strengthening its distribution network. The deal is expected to create synergies, driven by the complementary nature of the two companies' operations. By partnering with Santiane, Kereis seeks to build a leading player in the French insurance market, driven by its commitment to delivering high-quality services and building long-term relationships with its clients. The operation includes a clause of earn-out, indexed on the future performance of Santiane. The management is expected to reinvest approximately 50 million euros in the company, demonstrating their confidence in the future prospects of the business. As Kereis continues to navigate its new phase of development under the ownership of Advent International, the acquisition of Santiane is expected to play a key role in driving the company's growth and expansion in the French insurance market.
In the past, the company underwent an LBO led by Latour Capital in 2020, and continued an active consolidation strategy by notably acquiring Appli-Key (2023).
SANTIANE, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Financial Services sector (12.4x).
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Target
Santiane is a specialized financial organization operating as a leading digital-native insurance broker focused on individual health and protection (prévoyance). The entity’s business model is centered on a dual-track distribution framework, combining a direct-to-consumer (B2C) online platform with a wholesale (B2B) network for independent brokers. Its value proposition is anchored in a highly optimized customer acquisition engine and technical operational depth in data-driven lead conversion. Strategically, the firm focuses on the digital transformation of traditional insurance distribution, utilizing proprietary software to simplify complex policy comparison and subscription workflows. By maintaining a scalable "Insurtech" infrastructure, the organization ensures a mission-critical role in the French individual insurance market. The entity prioritizes industrialized agility and multi-carrier integration to facilitate personalized coverage solutions in a structurally growing healthcare landscape.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with SANTIANE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2023 | SANTIANE | APPLI-KEY | FRANCE | Financial Services / Banking |
| 07/2023 | SANTIANE | JULIA ASSURANCE | FRANCE | Insurance |
| 07/2023 | SANTIANE | UGIP ASSURANCES | FRANCE | Brokerage |
| 10/2020 | LATOUR CAPITAL | SANTIANE | FRANCE | Brokerage |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 25M - 50M EUR
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Target: santiane
Acquirer: kereis