Ardian, a private investment firm, acquired a majority stake in Opteven, a Lyon, France-based insurance company specializing in mechanical breakdown cover, maintenance contracts and assistance.
The amount of the deal was not disclosed.
The sellers in the transaction were multinational insurance company Aviva and European private investment management fund Capzanine (which is reinvesting in the company alongside management).
The acquisition will allow Opteven to continue its organic growth and to reinforce its external growth strategy.
Founded in 1985 and led by Jean-Matthieu Biseau, CEO, Opteven is a specialist in mechanical breakdown cover and roadside assistance and also operates in home assistance, healthcare, and personal services.
The company, a leader in the automotive service and mobility contract markets in both France and Europe, currently generates nearly €150 million in turnover and has more than 450 employees.
To track and anticipate changes in the market, the company has an internal lab, which detects and provides information on the development of new trends in areas such as mobility, assistance, the environment, and responsible development and tests and develops innovative solutions integrating new technologies and taking new forms of mobility into account.
Opteven currently operates in seven countries in Europe and has opened subsidiaries in Italy, the United Kingdom, and Spain in order to pursue its growth in major markets.
The transaction has been approved by the ACPR, France’s banking and insurance supervisory authority.