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CIPRÉS Assurances, a company backed by Apax Partners, has entered exclusive negotiations to acquire Axelliance Groupe

Paris (France), 21 June 2018 – Less than a year after Apax Partners became its main shareholder, CIPRÉS Assurances has stepped up its development, entering into exclusive negotiations to acquire Axelliance Groupe, a direct and wholesale insurance broker for self-employed people.

The financial terms of the transaction have not been disclosed, and the transaction could be finalized during the summer. It remains subject to approval by the competition authorities and the opinion of the employee representative bodies.

Under the transaction, CIPRÉS Assurances would acquire 100% of the share capital of Axelliance Groupe. The acquisition would be right in line with the strategy of CIPRÉS Assurances: enrich its value proposition and become the preferred insurer for French entrepreneurs in the near term.

With €130 million in total 2017 revenue, the newly-combined CIPRÉS Assurances /Axelliance Groupe would accelerate its growth by optimising its solutions for self-employed customers. Its combined expertise would offer both product innovation and services to broker partners and strengthen Axelliance Groupe’s positioning in certain niche markets for professional customers.

Monique Cohen, Partner at Apax Partners said: “We are proud to support this dynamic team that is focused on achieving its objectives. This strategic acquisition represents an important step in making CIPRÉS Assurances the leading insurance platform for small and mid-sized French companies.”

Laurent Ouazana, Chairman, and Sylvie Langlois, Managing Director of CIPRÉS Assurances said: “Daniel Derderian and his staff have developed a sound group, positioned in insurance for self-employed people and SMEs. We are very enthusiastic about combining our strengths and creating new products, services and processes together that will appeal to the broker-partners and insurers of our two entities. We aim to become, in the near future, the insurance platform for French SMEs. We have agreed with Apax Partners to invite Daniel Derderian to join the Supervisory Board of the newly-combined CIPRÉS Assurances /Axelliance.”

Daniel Derderian, Founder of Axelliance Groupe added: “The shareholders of Axelliance are in favour of the merger with CIPRÉS Assurances. We share many of the same values and objectives, including our culture of excellence and customer service. The merger dovetails with our strategy to step up our performance, and the combined expertise of the two companies should soon lead to growth in the merged entity. We are set to become customers’ preferred partner.”

About Apax Partners
www.apax.fr
@ApaxPartners_Fr
Apax Partners is a leading European private equity firm based in Paris. With more than 45 years of experience, Apax Partners provides long-term equity funding to build and strengthen world-class companies. Funds managed and advised by Apax Partners exceed €3.3 billion. These funds invest in fast-growing middle-market companies across four sectors of specialisation: TMT, Consumer, Healthcare and Services.

Contact
Coralie Cornet
Communication Director
+ 33 1 53 65 01 35
coralie.cornet@apax.fr

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