Pemberton, the diversified asset manager backed by one of Europe’s largest insurers, Legal & General Group PLC, today announces that it has refinanced the existing bank debt of Astoria, a leading Independent Financial Adviser (“IFA”) in France. Part of the financing will be used to support Astoria’s add-on acquisitions of IFA companies Les Boutiques de l’Epargne and Epargne & Finance.
Founded in 2002, Astoria has developed into a leading French IFA, specialized in the distribution of investment wrappers called “Assurance Vie”. The company has 81 employees operating from 21 regional offices across France and provides financial advice to a diversified portfolio of c.83,000 clients.
Astoria’s business model is based on distribution commissions with a dominant share of recurring fees derived from the volumes of its underlying assets under management which are largely subscribed with Afer, the largest savings association in France. Following the acquisitions of Les Boutiques de l’Epargne and Epargne & Finance, Astoria will become the largest IFA company in France, with c.€6.3bn of assets under management.
Geoffroi de St. Chamas, Head of France at Pemberton, said: “We are pleased to support the experienced management team of Astoria with a demonstrated track record of acquiring businesses. Astoria is renowned in the French IFA market for the quality of its solutions and has garnered an impressive track record of organic and external growth. Pemberton's platform was purpose-built to support companies with strong growth potential both organically and via acquisitions. Astoria is perfect example of this.”
Antoine Latrive, Chairman & Founder at Astoria, said: “Pemberton proved to be an agile credit partner, providing a significant bespoke commitment to our fast-growing company. We value Pemberton’s flexibility and long-term approach to financing, and we look forward to work with them as Astoria continues its journey, including via similar acquisitions over the coming years.”
Pemberton supported Astoria through its Mid-Market strategy. Pemberton is one of the leading private debt providers in France with 9 deals over the last 12 months1.
1 Debtwire League Tables 2020, https://directlendingperspectives.acuris.com/league-tables
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