RHETORES
Acquired by
ACTIVA CAPITAL
RHETORES acquired by ACTIVA CAPITAL
Target
RHETORES
Acquirer
ACTIVA CAPITAL
Context
The investment by Activa Capital in Rhétorès Finance, coupled with the simultaneous acquisition of Cap Fidélis, marks the launch of a new consolidation platform in the French wealth management (CGP) sector. Activa Capital invested approximately EUR 10M to take a minority stake in a primary LBO, supporting the founders who remain majority shareholders. The strategic rationale is to transform Rhétorès from a Parisian-centric firm into a national leader through a disciplined build-up strategy, aiming to increase assets under management (AuM) from 450 to over 2000. The acquisition of Cap Fidélis, a historical player in Lille with 180 in assets, provides an immediate geographic expansion into Northern France and adds a stable, family-led client base of business owners. This operation is financed via a unitranche debt provided by Apera Capital. The partnership aims to complete four to six additional acquisitions during the investment cycle while modernizing the group's digital infrastructure to optimize relations with partners such as banks and insurers.
RHETORES, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 14.0x average currently observed in the Financial Services sector.
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Target
Rhétorès Finance is a high-growth wealth management consultancy based in Paris. The firm specializes in providing sophisticated asset engineering services, focusing on a diversified product offering that includes private equity, life insurance, and real estate investments. Its business model is centered on a structured regulatory framework and continuous investment in technological platforms to enhance client service and operational efficiency. By targeting entrepreneurs and high-net-worth families, the firm delivers tailored financial advice, brokerage services for loans, and insurance mediation. The company acts as a strategic intermediary between private investors and major financial institutions, developers, or insurers. Under its current growth trajectory, the entity serves as a consolidation platform in the fragmented French wealth management market, leveraging its technical expertise in asset structuring to integrate smaller regional practices while maintaining a high level of service and compliance standards.
Ent. Value
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Multiples Analysis
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with RHETORES
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 12/2025 | IK PARTNERS | RHETORES | FRANCE | Wealth & Asset Management | The independent wealth management group Rhetores completes its first LBO (Primary LBO) with IK Partners. The transaction values the firm at a staggering EUR310 million, setting a new benchmark multiple in the sector. The founder, Stephane Rudzinski, opens his capital to a financial sponsor for the first time to accelerate growth. The objective is to double the assets under management (AUM) by pursuing an aggressive buy-and-build strategy in the highly fragmented French market, targeting other CGP firms. |
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