Ontario Teachers’ Pension Plan has signed a definitive agreement to sell its stake in Diot-Siaci, a Paris-based corporate insurance brokerage group, to French private equity firm Ardian.
Financial details of the deal were not disclosed.
As a long-standing shareholder of the group since 2015, Ardian is now increasing its stake in Diot-Siaci to become its main financial shareholder by acquiring the shares held by Ontario Teachers’, Bpifrance, Cathay Capital and other minority shareholders.
Upon completion of the transaction, Ardian (formerly AXA Private Equity) will become Diot-Siaci’s lead financial shareholder, alongside the Burrus Group, a long-standing shareholder, and the management team. The new capital structure will establish joint control governance between Ardian and the Burrus Group.
Diot-Siaci is a leading insurance and reinsurance consulting and brokerage group in France and Europe, with strong positions in Asia, the Middle East and Africa. It designs and develops tailor-made solutions for clients, including large corporations, mid-sized companies, SMEs, and professionals, in both personal insurance and property and liability insurance.
With more than 7,000 employees and revenue of over €1 billion (US$1.2 billion) in 2024, Diot-Siaci operates worldwide through its own offices and its Diot-Siaci Global Partners network.
Ontario Teachers’ invested in Diot-Siaci in 2021, supporting the successful merger between Diot and Siaci Saint Honoré. Since the acquisition, the business has grown significantly in scale and geographic reach, said Ontario Teachers’, noting that it also has supported the group across several strategic value creation areas, including:
- Accelerating revenues from approximately €700 million to €1 billion-plus, helping establish a leader in European corporate insurance with strong positions in the Middle East and Africa;
- Supporting the merger and integration of the two entities;
- Advancing an M&A strategy focused on international expansion and niche verticals such as HR consulting;
- Moving up the value chain through vertical integration, notably via the transformative Nasco acquisition in reinsurance, as well as managing general agents and the London market.
Thibault Basquin, co-head & CIO of Ardian Buyout and member of the Ardian Executive Committee, said: “We are thrilled to be joining forces with the Burrus Group, Pierre Donnersberg and the entire management team, led by Cédric Charpentier, to support Diot-Siaci in the next stage of its development. Together, we have ambitious plans to make Diot-Siaci the leading independent insurance and reinsurance brokerage group with European roots.”
Olivier Personnaz, managing director and head of Ardian Buyout’s Equity Capital Markets team, commented: “In addition to the commitment from our Buyout fund, we have successfully raised more than €700 million in less than two months from institutional partners to co-invest in this deal, including several sovereign wealth funds and international investors. This demonstrates the confidence of these leading investors in Ardian’s ability to support blue-chip companies in their ambitious growth strategies.”