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Bridgepoint gains 52.5 per cent stake in Primonial

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Primonial and Bridgepoint have agreed a new ownership structure for Primonial with Bridgepoint now owning a 52.5 per cent stake in the group, Crédit Mutuel Arkea (CMA) retaining its 35 per cent interest and the group's management and staff holding 12.5 per cent.

The BlackFin Capital partners and Latour Capital funds have sold all of their shares.
 
France-based wealth management specialist Primonial attracted record inflows of EUR5.6 billion in 2016. It is ahead of schedule with its development plan, with almost EUR17 billion of assets under management and administration in 2016, and it has now set a target of increasing that figure to EUR30 billion by 2021.
 
Bridgepoint and Primonial have together devised a new plan for the group, covering the 2017-2021 period. The group is aiming to strengthen its position in France's asset management and distribution markets by continuing to win market shares, and in particular by implementing a client relationship strategy that is suited to the changing needs of savers; making the most of its innovation abilities in order to offer modern, high-performance solutions; and pursuing an active acquisitions policy in the private-client and asset-management segments. 
 
Stéphane Vidal, the new chairman of Primonial group, says: "We are delighted to be welcoming Bridgepoint as a shareholder. Its presence in Europe's main countries and its transaction expertise will be very a real asset for our development, in particular in external growth. We are also pleased that Crédit Mutuel Arkéa is still a shareholder in the group: it is a solid banking group that has helped us strengthen our leading position in the French market in the last three years.
 
“On a more personal note, I would like to extend my sincere thanks to André Camo for the trust he has placed in me. He has been chairman of the group for more than 10 years. I am proud to succeed him as chairman. With our two deputy CEOs – Laurent Fléchet in charge of real estate and Valéry Bordes in charge of finance and operations – we will expand the group's executive committee to give it the impetus it needs to achieve our ambitious goals."
 
Vincent-Gaël Baudet, partner at Bridgepoint in Paris, says: "Primonial is today ideally positioned to capture growth in the asset-management market, due to the staff and management talent and iheir unique integrated business model, which combines innovative products with a strong distribution operation. Bridgepoint wants to support Primonial in the current consolidation process of the sector, both in France and abroad."
 
Ronan Le Moal, CEO of the Crédit Mutuel Arkéa group, adds: "We are particularly proud of the progress made by Primonial in the past three years. Our partnership is in line with Arkéa’s 2020 strategic plan and it is with great enthusiasm that we will continue to accompany the growth projects of this flagship in wealth management."

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