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11/2025

UNOFI acquired by LA FRANCE MUTUALISTE / MALAKOFF HUMANIS

FRANCE Wealth & Asset Management EV 1b - 4b EUR

Context

La France Mutualiste, supported by the Malakoff Humanis group, formalised the acquisition of a combined 85% stake in UNOFI, with La France Mutualiste holding 51% and Holding Malakoff Humanis holding 34%. The Conseil Supérieur du Notariat retains a 15% minority stake through Financière Thémis, preserving the alignment between UNOFI and the notarial profession. The transaction succeeds two historical shareholders — AXA France and the Burrus group — following a process initiated in July 2025. The alliance is designed to combine UNOFI's unique distribution network and notarial expertise with La France Mutualiste and Malakoff Humanis's financial strength and product capabilities, enabling the development of new savings solutions and tools for notaries and their clients while preserving UNOFI's operational autonomy and deontological model.

UNOFI, which reported an EBITDA margin of in 2024, 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 (12.5x).

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Target

UNOFI is a French life insurance and individual savings specialist founded in 1988, exclusively dedicated to notaries and their clients. The company offers a broad range of life insurance solutions and wealth management services through a privileged distribution network built around French notarial offices (offices notariaux), making it a unique and highly differentiated player in the French savings market. The company's model is deeply intertwined with the ethical standards and impartiality requirements of the notarial profession, which constitutes both a competitive moat and a defining characteristic of its positioning.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
2023

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of UNOFI by LA FRANCE MUTUALISTE / MALAKOFF HUMANIS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: malakoff humanis / la france mutualiste