Bridgepoint and Eurazeo are to aquire Fonica with the ambition of making the company the leading residential real estate services company.
Foncia has a network of more than 600 branches run by nearly 7,000 employees. It operates in France, Switzerland, Germany and Belgium, and offers a complete range of services for the residential real estate market: lease management, joint property management, sales advice, financing research, insurance and technical diagnoses. Its revenue in 2010 was EUR580 million, after sustained growth over the last 10 years.
To make Foncia the leading European residential real estate services company, Bridgepoint and Eurazeo will encourage the implementation of an ambitious industrial plan with the objective of giving the Group fresh commercial dynamism, based on a human resources policy focusing on training and customer satisfaction, and on substantial investment in marketing. In addition, in a market that remains very fragmented, Foncia will be able to continue to play an important role as a consolidator, through a selective acquisitions policy.
Patrick Sayer (pictured), Chairman of Eurazeo’s Executive Board, says: “We are very pleased to announce the acquisition of Foncia today, alongside with Bridgepoint. Foncia is a very fine company with a leading position in the residential real estate services sector in France, which presents tremendous development opportunities. Indeed our ambition is to make Foncia the best in class in the residential real estate services sector. With Foncia’s staff, we will continue to make investments and modernise its business in order to strengthen its position as the leading company in France and Europe, both in terms of size and the quality of its services.”
Benoît Bassi, Bridgepoint’s Chairman, commented: “We are very pleased to have reached this agreement to acquire Foncia in association with Eurazeo. We want to work closely with the existing management to help Foncia to grow, putting the emphasis on staff training, the modernization of IT tools and the development of original commercial offers, to make Foncia the leading European residential real estate services company”.