Protecting shareholder value and orchestrating multiple concurrent transactions in a complex private equity-backed buyout

Sector: Wealth Management
Client: APICIL Group
Role: Financial Advisor to APICIL

The Context

Crystal Group, a leading independent wealth management platform in France, undertook a leveraged management buyout (LMBO) backed by Apax Partners. At the time of the transaction, APICIL was a significant minority shareholder alongside management and OFI Asset Management.

The operation involved a complex shareholder reorganisation combining several interrelated transactions, requiring careful alignment of strategic, financial and governance interests among all stakeholders.

Our Contribution

Gimar & Co advised APICIL throughout the transaction process, with a mandate focused on protecting and maximising the value of its investment while facilitating the successful completion of the LMBO.

Our role included:

• Advising APICIL on its position as minority shareholder in the LMBO process.
• Supporting negotiations with management, Apax Partners and the other shareholders.
• Structuring and executing multiple concurrent transactions.
• Assessing the strategic and financial implications of the reorganisation.
• Protecting APICIL’s interests throughout the transaction.

A Multi-Transaction Execution

The transaction required the simultaneous execution of several strategic operations:

Sale of Crystal’s stake in Alpheys to its management team

Gimar & Co advised on the carve-out and disposal of Crystal’s participation in Alpheys, enabling the management team to regain control of the business and pursue its independent development strategy.

Acquisition by APICIL of Crystal’s 50% stake in Profinance

As part of the reorganisation, APICIL acquired Crystal’s 50% interest in Profinance, subsequently rebranded as Aliquis Conseil.

Protection of APICIL’s interests in the LMBO

Alongside these disposals and acquisitions, Gimar & Co advised APICIL on all aspects of the LMBO transaction, ensuring that the interests of the minority shareholder were fully preserved within the new ownership structure backed by Apax Partners.

The Outcome

The transaction successfully delivered:

• The completion of Crystal Group’s LMBO alongside Apax Partners.
• The reorganisation of several non-core shareholdings.
• APICIL’s acquisition of full control of Profinance (now Aliquis Conseil).
• The separation of Alpheys from the Crystal perimeter.
• A clear and sustainable shareholder structure supporting the future development of all businesses involved.

Highlights

• Complex multi-party LMBO transaction
• Simultaneous execution of several interdependent operations
• Minority shareholder advisory
• Wealth management and employee benefits sectors
• Acquisition of Profinance by APICIL
• Carve-out and disposal of Alpheys
• Successful completion of Crystal Group’s LMBO backed by Apax Partners