Apicil: Fifteen Years of Creating Value Through a Countercyclical Acquisition Strategy
Anticipating the market means buying when valuations are low and selling when multiples reach their peak.
Since 2011, Gimar & Co has been supporting the APICIL Group in its strategy of external growth and the development of its savings and wealth management businesses. This long-term collaboration perfectly illustrates our approach: identifying opportunities when the market undervalues them, supporting their integration, and creating the conditions for an optimal exit from non-strategic businesses several years later.
At a time when valuations of life insurance and savings providers remained particularly attractive, APICIL, with the support of Gimar & Co, carried out a series of strategic acquisitions in France and Europe. This strategy profoundly transformed the group and enabled it to build one of the most dynamic savings platforms on the French market.
More than a decade of value-creating acquisitions
Over the past fifteen years, Gimar & Co has advised APICIL on several major strategic transactions:
- Acquisition of Coparc, an Allianz captive life-insurance subsidiary (in parallel with the acquisition of W Finance by Primonial);
- Merger between APICIL Assurances and Intervie, a life-insurance subsidiary of Humanis;
- Acquisition of Skandia France and Skandia Luxembourg life-insurers;
- Acquisition of Legal & General France life-insurer and private bank (now Gresham);
- Acquisition of OneLife in Luxembourg;
- Takeover of Roche-Brune Asset Management;
- Acquisition of Equitim, a structured products broker;
- Acquisition of Alpheys (ex Finaveo) on behalf of a consortium formed by Apicil, Crystal, and OFI AM;
- Crystal’s LBO with Apax: Sale of Apicil’s stake in Crystal;
- Sale of Aliquis Conseil to Cyrus Herez.
These acquisitions were carried out in a market environment favorable to buyers, enabling APICIL to gradually build a high-value-added savings platform.
The results are spectacular:
- Life insurance assets under management: ×5
- Premiums collected: ×3
- Significant strengthening of APICIL’s competitive position
A disciplined value creation strategy
APICIL’s performance is not the result of a single transaction but of a consistent strategy pursued over more than a decade.
Our conviction was simple: The best acquisitions are often made when valuations are low and competition among buyers is limited.
This approach enabled APICIL to acquire several strategic assets at particularly attractive valuations, before the wealth management and savings market experienced a sharp rebound.
From build-up to monetization: the sale of Aliquis Conseil, which followed the sale of a stake in Crystal to Apax
This value creation culminated in the sale of a stake in Crystal to Apax and the sale of Aliquis Conseil to Cyrus Herez.
With more than 1.1 billion euros in assets under management, Aliquis Conseil was among the most attractive independent platforms on the French market. The transaction generated strong interest from industry consolidators in an environment of particularly high valuations.
Gimar & Co organized a competitive process designed to maximize competition among buyers and secure particularly attractive terms for APICIL.
This transaction perfectly illustrates the strategy followed since 2011: buy when valuations are low, grow the assets over several years, and then divest non-strategic assets when multiples reach their peak.
Remarkable execution: Beyond the financial outcome achieved, the Aliquis Conseil transaction stood out for its speed of execution.
- 11 Investor meetings and “coffee meetings”
- 6 Indicative offers received
- 4 Buyers shortlisted for the data room
- 3 Firm offers
- 4 months between the appointment of Gimar & Co and the signing of the SPA
This speed made it possible to secure the best market terms while maintaining strong competitive pressure right up to the signing.
Our impact:
15 years of strategic partnership: continuous support since 2011.
More than 6 transformative transactions
France, Luxembourg, life insurance, asset management, and wealth management.
×5 in savings assets
Profound transformation of the savings platform.
×3 in premiums collected