Willkie Advised Latour Capital on its Investment in the Primonial Group

September 16, 2019

Primonial group is a major player in the design, management and advice on investment solutions in France.

Willkie’s Paris office advised Latour Capital on its investment, alongside with the management, Bridgepoint and Société Générale Assurances, in the Primonial group, a major player in the design, management and advice on investment solutions in France, in order to continue and accelerate its internationalization and the development of new investment solutions.

The external growth strategy, founded on sustained organic activity, has seen very dynamic developments over the past two years with the acquisition of Aviarent, the leader in German healthcare real estate, the consolidation of 100% of its real estate subsidiary Primonial REIM (following the redemption of UFFB’s 30% stake granted at the creation of the company), the acquisition of a stake in Leemo alongside FONCIA Group, and the 100% acquisition of LFDE (La Financière de l'Echiquier).

Latour Capital will acquire a 35% stake. The investment fund, already familiar with the company for having supported it between 2015 and 2017, has brought together a group of international co-investors, whose locations and areas of expertise are complementary to the Group’s: LGT Capital Partners, Aberdeen Standard Investments and Grosvenor Capital Management.

Bridgepoint will continue to support the group in its next stages of development and will reinvest up to 35% of the share capital.

The transaction will enable the Primonial group to continue its strong development with the support of a majority of financial shareholders, thus guaranteeing the Group’s independence. Latour Capital and Bridgepoint, grouped together in a joint holding company, will own 70% of the capital.

Société Générale Assurances will acquire 18.5% of the capital via the general assets of its life insurance and capitalization firm, SOGECAP. In parallel to this investment, Société Générale Assurances will continue to develop the partnership between Primonial and Oradea Vie, which has already resulted in the launch of significant innovations such as Target+ or the newly created Private Equity offer available to private individuals with life insurance, PrimoPacte.

The Group’s Management team and employees will hold 11.1%.

The Willkie team was led by partner Christophe Garaud and Gabriel Flandin and included special European counsel Philippe Grudé and Igor Kukhta and national partner Faustine Viala.