Ciprès lbo with TA Associates

Wholesale brokerage acquired through LBO by US growth equity fund TA Associates

LBO Growth capital 2014, September

Insurance & Fintech

“TA Associates’ experience and deep understanding of brokerage and financial services were instrumental in the selection of our new partner. The management team is confident that CIPRÉS can build on its expertise accumulated over the last 15 years to seize opportunities in its rapidly evolving market. We have ambitious goals for both our insurance partners and our current and future broker partners. Our employees are focused more than ever on the five-year plan we launched last year and we aim to grow significantly.”

Laurent Ouazana - President of the group CIPRÉS

Headquartered in Levallois-Perret, France since its inception in 2000 and staffed by 150 employees, Groupe CIPRÉS specializes in complementary health and death & disability insurance for SMEs and self-employed professionals. The company is one of the leading businesses in its segment. Groupe CIPRÉS currently manages more than 47,000 insurance contracts.

"TA Associates’ experience and deep understanding of brokerage and financial services were instrumental in the selection of our new partner. The management team is confident that CIPRÉS can build on its expertise accumulated over the last 15 years to seize opportunities in its rapidly evolving market. We have ambitious goals for both our insurance partners and our current and future broker partners. Our employees are focused more than ever on the five-year plan we launched last year and we aim to grow significantly" said Laurent Ouazana, newly-appointed President of Groupe CIPRÉS.

"CIPRÉS is one of the few independent players in complementary health and death & disability insurance in France that has managed to establish a strong brand name and expertise among brokers and insurance companies. We are delighted to partner with Laurent Ouazana and the management team, and to support the company in its next stage of growth," said Patrick Sader, a Principal at TA Associates who will join the board of directors of Groupe CIPRÉS.

“The complementary health and death & disability insurance market for SMEs and self-employed professionals in France is expected to see significant changes in the coming years due to increasing adoption of these services and evolving healthcare regulations. TA has a strong history of investing in financial services companies and creating value by strategically improving the businesses’ ability to meet the demands of their respective segments, and we believe CIPRÉS is well-positioned for similar success,” said Ajit Nedungadi, a Managing Director at TA Associates who will also join Groupe CIPRÉS’ board of directors.

Groupe Molitor welcomes the investment: "Our Group will now focus its activity on expatriate insurance. We are very confident that management will successfully lead CIPRÉS in its next development phase”, said Gilles Zeitoun and Georges-Henri Levy, co-Presidents of Groupe Molitor.

Groupe CIPRÉS will be TA Associates’ fourth investment in France. Since 2009, TA has invested in retail asset manager DNCA Finance, online stock image provider Fotolia and accessible luxury clothing brand Zadig & Voltaire.