Luxembourg, February 18, 2021
Luxempart invests in an initial step ca. € 25m to hold ca. 7% of the Group
Luxembourg, February 18, 2021 – Eurazeo has sold part of its stake in iM Global Partner to IK Investment Partners and Luxempart, subject to the approval of the French Autorité des Marchés Financiers and the Commission de Surveillance du Secteur Financier in Luxembourg.
This comes after iM Global Partner, a global network dedicated to asset management, increased its assets under management by 65% – of which 46% was organic growth – to more than $19bn in the year to end December 2020. With the support of Eurazeo and Amundi, which have supported Philippe Couvrecelle and the management team since the company’s inception, iM Global Partner has become a major international asset management network in just a few years.
The addition of IK Investment Partners and Luxempart as shareholders marks an important step in the development of the company. Their support strengthens iM Global Partner’s development potential and will accelerate its growth for years to come. iM Global Partner’s strategy is to continue to invest, both organically and through external growth, to further develop the company with the aim of exceeding $100bn in assets under management within five to seven years.
Following the transaction, Eurazeo, as a controlling shareholder, will continue to actively support the company alongside shareholders IK Investment Partners, Luxempart and Amundi. Proceeds from the disposals relating to this transaction of 20% of the capital represent about €70m for Eurazeo – a cash-on-cash multiple of 2.1x and an internal rate of return of 22%. Dassault/La Maison, a shareholder from the outset, is selling its stake at the time of this transaction.
Philippe Couvrecelle, CEO and founder of iM Global Partner, states: “We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide.”
Marc Frappier, Managing Partner of Eurazeo and Head of Eurazeo Capital, says: “Our strong belief in the growth of the asset management profession, coupled with the talent and the vision of Philippe Couvrecelle, led us to support the development of an innovative network bringing together the best managers worldwide and leading distribution capacities.”
Thomas Grob, Partner at IK Investment Partners, adds: “We were impressed by the growth trajectory, quality of the teams, international nature and development project of iM Global Partner. We are pleased and proud to have won the trust of Philippe Couvrecelle, Eurazeo and Amundi to join them in contributing to the company’s growth story.”
Olaf Kordes, Managing Director of Luxempart, says: “We are very pleased to be able to join the group of iM Global Partner’s shareholders. We have been convinced by the quality and vision of the management team. We are very keen to continue supporting the development of this leading player with significant international ambitions. This operation is perfectly in line with Luxempart’s revised strategy, which aims to support first-rate management teams in their development projects over the long term.”
About iM Global Partner
iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership. iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors. iM Global Partner represents over 19 billion USD of assets under management as at December 2020.
Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including 13.3 billion EUR from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris.
Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. With its six international investment hubs2, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 4,700 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.700 trillion of assets3. Amundi, a trusted partner, working every day in the interest of its clients and society.
*1Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
2Boston, Dublin, London, Milan, Paris and Tokyo
3Amundi data as of 31/12/2020
About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects.
For more information, visit www.ikinvest.com
Luxempart is a listed investment company with net assets of approximately 1.6 billion EUR, backed by Luxembourgish entrepreneurial families. With its permanent capital and professional investment team, Luxempart provides flexible and long-term financing solutions to entrepreneurs, families and dynamic management teams and supports them in their growth and international development. Luxempart’s objective is to invest between 30M EUR and 100M EUR in companies based in Luxembourg, Belgium, France or German-speaking Europe.
Text by Luxempart.