SIACI SAINT-HONORE acquired by CHARTERHOUSE
Context
Charterhouse Capital Partners has acquired a majority stake in Siaci Saint-Honore from Ardian. Under the new structure, the management and employees took control of the capital, with Charterhouse acting as the lead financial partner. Ardian, the previous majority owner, retained a minority position to support the group's continued international expansion. The transaction was structured to ensure the broker's independence by favoring financial sponsors over strategic industrial bidders. The strategic plan focuses on aggressive external growth across Continental Europe, Asia, and Africa, supported by recent industrial partnerships.
It is worth noting that the fund Ardian took control of Siaci Saint-Honore through an LBO in 2015.
SIACI SAINT-HONORE, which reported an EBITDA margin of in 2017, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.4x).
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Target
Formed in 2007 through the merger of Siaci and Saint-Honore, the group is a leading independent French insurance broker. It advises large corporate clients on Property & Casualty (P&C), Transport/Marine risks, and Employee Benefits. The company has a specific stronghold in "International Mobility" (insurance for expatriates and mobile employees), a high-growth niche.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with SIACI SAINT-HONORE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2015 | ARDIAN | SIACI SAINT-HONORE | FRANCE | Brokerage |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 250M - 500M EUR
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Target: siaci saint-honore
Acquirer: charterhouse