Direct lenders are preparing a unitranche financing package to support the acquisition of BlackFin-backed French insurance company Santiane with leverage levels expected at 5x, sources told Reorg.
The business has targeted €15 million EBITDA in 2020 and can expect a multiple of about 12x, which would give the business a price tag of €180 million, sources said.
The M&A process was reactivated after being put on hold during the outbreak of Covid-19, sources said. The first round of bids were submitted two weeks ago and five to six bidders made it through to the second round. Private equity firms Apax, Perwyn Private Equity and Naxicap Partners are among the bidders that are still in the process, sources said. Santiane is being advised by Cambon Partners.
In 2013, Santiane raised
€40 million from French investment firm Sagard and shareholder BNP Paribas Private Equity exited the company, according to a statement at the time. Cambon Partners acted as financial advisor to the company.
Founded in 2006, Santiane provides retail insurance brokerage and wholesale brokerage services. The business was backed by BlackFin in 2015 and employs 360 people. The company operates in Nice, Paris, Lille and Casablanca.
Apax declined to comment. Perwyn Private Equity, Naxicap Partners, Cambon Partners and BlackFin did not reply to Reorg’s request for comment at the time of the publication.