May 28, 2020
Latham & Watkins advised Bridgepoint, a leading private investment firm, on the acquisition of a majority stake in CEP Group, from J.C. Flowers & Co. and Mr. Hubert Guillard.
CEP Group is a pioneer in protection insurance brokerage in France and Europe, and specializes in credit protection. The company has invested significantly over the past few years to diversify its distribution channels and develop its digital offering. More recently, CEP Group acquired credit brokerage activities to reinforce its insurance distribution channels, strengthen its positioning and accelerate commercial momentum. CEP Group reported robust revenue growth of +8% p.a. over the last four years, reaching €242 million in 2019. Headquartered in Paris, it employs over 1,180 people (as of the end of 2019), of which 84% are based in France and 16% in the rest of Europe.
CEP Group now plans to accelerate its digital investments and launch a new diversification phase, both on products and on distribution channels. As a key partner, Bridgepoint will invest alongside management to support CEP Group's ambitions. New shareholders will capitalize on recent organic growth momentum and will support the group for strategic external growth.
The transaction is expected to close by the end of June 2020.
The acquisition of the CEP Group is Bridgepoint’s seventh investment in financial intermediaries’ services in France, following the acquisitions of eFront, Calypso, Kyriba, Primonial, La Financière de l’Echiquier and Foncia, confirming Bridgepoint’s experience and leadership in that sector.
Latham & Watkins advised Bridgepoint in the transaction with a Paris team led by corporate partner Olivier du Mottay, with counsel Bénédicte Large Bremond and associates Xavier Nassoy, Mayssa Sader, and Adrien Charlemagne. Advice was also provided on tax matters by partner Olivia Rauch-Ravisé and associate Thomas Claudel; on finance matters by partner Lionel Dechmann with associates Aurélien Lorenzi, Chiraz Kmar Turki, and Matthieu Herviaux; on antitrust matters by partner Frédéric Pradelles with associate Jean-Baptiste Douchy; and on employment matters by partner Matthias Rubner with associate Celia Gallo.