CVC Credit is supporting KKR’s acquisition of French insurance broker-distributor April Group with the commitment of senior credit facilities.
CVC’s Private Equity business, through CVC Capital Partners Fund VII, acquired April – which is France’s second largest insurance broker-distributor with €1.5bn premiums in 2022 – in June 2019 from its founders. Having generated strong performance, CVC announced the sale of April to KKR in November 2022.
April Group designs, distributes and manages branded insurance solutions on behalf of partner insurers, and benefits from a large network of independent retail brokers that handle customer contact and acquisitions.
CVC supported April Group’s transformation from an insurance conglomerate with potential for improvement into a focused and growing leader in insurance distribution. CVC helped refocus the firm’s activities around insurance distribution and carrying out an in-depth transformation of its business model.
Founded in 1988 and headquartered in Lyon, April has 2,300 employees and has access to a network of around 16,000 partner brokers.
