TA Associates agrees to invest in Groupe CIPRÉS

TA Associates has agreed to invest in Groupe CIPRÉS, a wholesale broker of insurance policies. Following the deal, Laurent Ouazana, a managing director of Groupe CIPRÉS, will become president of the company. The deal is expected to be finalized in the next few weeks. Financial details were not disclosed. Groupe CIPRÉS represents TA Associates’ fourth investment in France.

Press Release

Groupe Molitor, the parent company of Groupe CIPRÉS, is pleased to announce that it has signed an agreement for TA Associates, a leading global growth private equity firm, to become the new partner of Groupe CIPRÉS, a wholesale broker of insurance policies.

Following the transaction, Laurent Ouazana, currently Managing Director of Groupe CIPRÉS, will become President of the company. Other top management of Groupe CIPRÉS will remain in their roles. The transaction increases management’s stake in the company and is expected to be finalized in the coming weeks. Financial terms of the transaction were not disclosed.

Headquartered in Levallois-Perret, France since its inception in 2000 and staffed by 150 employees, Groupe CIPRÉS specializes in complementary health and death & disability insurance for SMEs and self-employed professionals. The company is one of the leading businesses in its segment. Groupe CIPRÉS currently manages more than 47,000 insurance contracts.

“TA Associates’ experience and deep understanding of brokerage and financial services were instrumental in the selection of our new partner. The management team is confident that CIPRÉS can build on its expertise accumulated over the last 15 years to seize opportunities in its rapidly evolving market. We have ambitious goals for both our insurance partners and our current and future broker partners. Our employees are focused more than ever on the five-year plan we launched last year and we aim to grow significantly,” said Laurent Ouazana, newly-appointed President of Groupe CIPRÉS.

“CIPRÉS is one of the few independent players in complementary health and death & disability insurance in France that has managed to establish a strong brand name and expertise among brokers and insurance companies. We are delighted to partner with Laurent Ouazana and the management team, and to support the company in its next stage of growth,” said Patrick Sader, a Principal at TA Associates who will join the board of directors of Groupe CIPRÉS.

“The complementary health and death & disability insurance market for SMEs and self-employed professionals in France is expected to see significant changes in the coming years due to increasing adoption of these services and evolving healthcare regulations. TA has a strong history of investing in financial services companies and creating value by strategically improving the businesses’ ability to meet the demands of their respective segments, and we believe CIPRÉS is well-positioned for similar success,” said Ajit Nedungadi, a Managing Director at TA Associates who will also join Groupe CIPRÉS’ board of directors.

Groupe Molitor welcomes the investment: “Our Group will now focus its activity on expatriate insurance. We are very confident that management will successfully lead CIPRÉS in its next development phase,” said Gilles Zeitoun and Georges-Henri Levy, co-Presidents of Groupe Molitor.

Groupe CIPRÉS will be TA Associates’ fourth investment in France. Since 2009, TA has invested in retail asset manager DNCA Finance, online stock image provider Fotolia and accessible luxury clothing brand Zadig & Voltaire.

Financière Cambon is serving as financial advisor and Linklaters is serving as legal counsel for Groupe CIPRÉS. Latham & Watkins is providing legal counsel to TA Associates.

About Groupe CIPRÉS

Founded in 2000, Groupe CIPRÉS is an insurance wholesale broker specializing in complementary health and death & disability insurance for self-employed individuals and SMEs. CIPRÉS designs, produces and manages a range of insurance products distributed through a network of 2,500 independent brokers throughout France, as well as through other distribution channels. As of December 2013, the company had a portfolio of 47,000 contracts. CIPRÉS is one of the founding members of Syndicat10, the National Association of Wholesalers Brokers. More information about Groupe CIPRÉS can be found at www.cipres.fr.

About TA Associates

TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in financial services, technology, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.

About Groupe Molitor

Founded in 1981 by Gilles Zeitoun, Groupe Molitor originally focused on brokerage of property & casualty and protection insurance. In 1995, Georges Henri Levy joined the Company with the task, among others, to develop the collective insurance activity of the Group. In 2000, Groupe Molitor diversified its activities and developed a wholesale brokerage subsidiary, Groupe CIPRÉS. In late 2000, Laurent Ouazana joined the Company to further develop Groupe CIPRÉS. Starting in 2005, Groupe Molitor decided to focus its investment and effort on wholesale brokerage and gradually divested its other activities, primarily to Group CIPRÉS management. Today, Groupe Molitor focuses mainly on expatriate insurance. For more information, please visit www.groupemolitor.fr.