Eurazeo has sold part of its stake in iM Global Partner to IK Investment Partners and Luxempart, subject to the approval of the French Autorité des Marchés Financiers and the Commission de Surveillance du Secteur Financier.
This comes after iM Global Partner, a global network dedicated to asset management, increased its assets under management by 65 per cent – of which 46 per cent was organic growth – to more than USD19 billion in the year to end December 2020. With the support of Eurazeo and Amundi, which have supported Philippe Couvrecelle and the management team since the company’s inception, iM Global Partner has become a major international asset management network in just a few years.
The addition of IK Investment Partners and Luxempart as shareholders marks an important step in the development of the company. Their support strengthens iM Global Partner’s development potential and will accelerate its growth for years to come. iM Global Partner’s strategy is to continue to invest, both organically and through external growth, to further develop the company with the aim of exceeding USD100 billion in assets under management within five to seven years.
Following the transaction, Eurazeo, as a controlling shareholder, will continue to actively support the company alongside shareholders IK Investment Partners, Luxempart and Amundi. Proceeds from the disposals relating to this transaction of 20 per cent of the capital represent about EUR70 million for Eurazeo – a cash-on-cash multiple of 2.1x and an internal rate of return of 22 per cent. Dassault/La Maison, a shareholder from the outset, is selling its stake at the time of this transaction.
Read more/Source: Private Equity Wire
