Ardian backs Cyrus management with unitranche loan

The deal will enable the wealth manager’s employees and management to buy back a minority stake in the company.

Alternative investment manager Ardian has provided unitranche finance to support a management buyout of wealth manager Cyrus Group.

The deal will allow the management of Cyrus Group, led by Meyer Azogui, and its employees to acquire the entire capital of the France-based company.

Cyrus employees and management will use the capital to buy a minority stake in the group held by BlackFin Capital Partners, which supported the firm in 2012 to accelerate its growth strategy. The employees and management will now become the sole shareholders in the company.

Guillaume Chinardet, head of private debt France at Ardian, said: “We were impressed by Cyrus Group’s track record and the reputation and professionalism of its teams. With a view to a long-term partnership, we are pleased to be able to support Meyer Azogui and the company’s management in its ambitious growth strategy.”

Cyrus was founded in 1989 and provides wealth management and advisory services. It has €3.4 billion in assets under management and specialises in wealth strategy and investment consultancy. It founded an asset management business, Invest AM, and a property management business, Eternam, in 2010. It has 13 offices across France and one in Israel.

Ardian raised €2 billion for its most recent debt fund in 2015. The firm was formed as AXA Private Equity and spun out from the insurer in 2013.