Tikehau provides unitranche for insurance acquisition

The firm has provided a unitranche finance package aiming to facilitate an acquisition and aid additional growth.

Tikehau IM has provided a unitranche debt facility enabling French insurance brokerage AssurCopro to make an acquisition. The borrower is acquiring fellow brokerage Jacques Boulard.

The facility is being extended after Tikehau provided the debt for AssurCopro to be acquired by Eurazeo PME in September last year.

Terms of the facility could not be determined by time of publication. According to a company announcement, the financing is for both the acquisition of Jacques Boulard and further expansion of AssuCopro’s business.

A spokeswoman for Tikehau told PDI the firm is extending this facility to AssuCopro because it operates in a niche industry which has solid fundamentals underpinning it. She also noted the acquisition fits in with Eurazeo PME’s proposed business plan. “Eurazeo PME has extensive experience in this industry as well as in buy-and-build stories giving us some comfort on the deliverability of the business plan,” she said.

The deal is the second unitranche facility extended by Tikehau in 2017 preceding a buyout. In January, the firm provided unitranche financing to private equity group Chequers Capital, allowing the acquisition of construction company Alkern Group.

That facility was provided in partnership with Hayfin. It was valued at €72 million.

Tikehau also recently became a listed company with its shares listing on the Euronext exchange earlier this month. The firm said listing on the exchange was a way of ramping up its growth.