The HLD investment fund announced Tuesday that it intended to acquire soon “with the support of insurers” the majority of the capital of the insurance broker Vilavi, ex-Assu 2000, whose former boss and founder is the subject of many lawsuits.
The agreement provides for the acquisition by HLD of a majority stake in the company held by Assu 2000 Participations alongside the current management and employees of the group, the Paris-based investment fund said in a press release.
The Vilavi group entered a zone of great turbulence about a year ago: its founder Jacques Bouthier was imprisoned and indicted for trafficking in human beings and rape of a minor.
Landed at the start of the scandal, the rich businessman is also being prosecuted in France for conspiracy to commit the crime of kidnapping and kidnapping in an organized gang. In Morocco, one of the main countries where the brokerage group operates, it is also the subject of a major investigation for sexual harassment.
His successor Michael Hrr, a former Allianz employee, outlined last November the prospect of selling the group by the end of 2023.
The uncertainty surrounding Vilavi’s shareholding posed a risk to the future of the company’s 1,500 employees and 550,000 insured customers, and threatened the group’s continuity, HLD said in its press release on Wednesday.
Requested by the group’s management, HLD has built a market solution bringing together the company’s main partner insurance companies, including Allianz France, Generali France, Swiss Life France, the MFA and Wakam, specifies the investment fund.
In mid-May, several newspapers echoed the interest of the insurer Allianz for Vilavi’s brokerage activity, which Allianz had not confirmed.
According to a source familiar with the matter interviewed by AFP, HLD will invest in equity to acquire a large majority of the capital (more than 80%) and the five insurers will provide them with debt financing.
With its arrival in the capital, the investment fund intends to strengthen the governance of the group, he specifies in his press release. He thus wishes to continue the company’s growth in its core markets (car, motorcycle and home insurance) while diversifying the product offering around health and occupational risks.
Sufficiently advanced to be subject to legal procedures, according to the press release, this takeover project should be completed at the end of October if all goes well, added a source familiar with the matter.
Founded in 1975, Assu 2000, which became Vilavi in January, presents itself as the leading French brokerage network serving individuals and professionals.