On April 6, the president of April, Eric Maumy, announced the forthcoming expansion of the activity to asset management. “We see the same issues in this sector as those of brokerage 20 years ago: low industrialization of the service, low digitalization, movement of concentration… shared Eric Maumy. The reflection takes place under the angle of a strong acceleration. This ambition has materialized today through discussions with Magnacarta, as Capital Finance points out. Advised by Rothschild & Co, the insurance service provider owned by CVC is preparing to enter into exclusive negotiations with Groupe Burrus Courtage, which holds 60% of the capital of the wealth management consultancy. April was able to distinguish itself in the auction led by PwC Corporate Finance, which included certain funds such as Meanings Capital Partners, learned L’Agefi. Enough to rebound after the failure of its candidacy to take over Orion, which fell into the hands of Siparex in May.
2.3 billion euros in assets under management
“Oddo’s stake, estimated at 29%, should be reduced when the capital is overhauled,” says someone familiar with the matter. At the same time, the management team led by Vincent Couroyer (nearly 10% of the capital), should be re-elected. The valuation of Magnacarta – nearly 2 million euros in EBITDA for 2.3 billion euros in assets under management – would be below the 40 million mark.
Reference shareholder of the broker Diot-Siaci, created last year following the merger of the two companies, Christian Burrus is thus rationalizing some of his holdings. This shedding comes at a time when the Financial Markets Authority imposed a fine of 1.8 million euros on his group. The stock market policeman accuses him of failing to declare thresholds during CVC’s takeover bid for April in 2019, for not having declared the existence of a concerted activity of his structures (Dôm Finance, AFI, etc.). ). The purchases of securities of the various entities of the Burrus group during the offer and pre-offer period had not enabled CVC to implement the compulsory withdrawal envisaged, as it did not hold more than 90% of the capital and voting rights. after the takeover. Although the various entities did make the declarations of threshold crossings, they did not mention the action in concert.
April is reportedly planning to complete the Magnacarta takeover by the summer break.