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.
Philippe Couvrecelle, CEO and founder of iM Global Partner, says: “We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide.”
Marc Frappier, Managing Partner of Eurazeo and Head of Eurazeo Capital, says: “Our strong belief in the growth of the asset management profession, coupled with the talent and the vision of Philippe Couvrecelle, led us to support the development of an innovative network bringing together the best managers worldwide and leading distribution capacities.” Thomas Grob, Partner at IK Investment Partners, adds: “We were impressed by the growth trajectory, quality of the teams, international nature and development project of iM Global Partner. We are pleased and proud to have won the trust of Philippe Couvrecelle, Eurazeo and Amundi to join them in contributing to the company’s growth story.”
Olaf Kordes, Managing Director of Luxempart, says: “We are very pleased to be able to join the group of iM Global Partner’s shareholders. We have been convinced by the quality and vision of the management team. We are very keen to continue supporting the development of this leading player with significant international ambitions. This operation is perfectly in line with Luxempart’s revised strategy, which aims to support first-rate management teams in their development projects over the long term.”
