Press release - 8 January 2024
Investment bank Largillière Finance has advised Patriam, a leading independent asset manager, on its merger with Astoria Finance, a major player in French asset management.
Patriam[1] comprises 6 independent asset management firms serving a diversified clientele of individuals, families and corporate entities, as well as an asset management company that enables the Group to offer tailor-made products to its clients and external asset managers. With assets under management of over €1.5 billion and some 50 employees based in the Paris region, Auvergne-Rhône-Alpes and the Greater West of France, the Group is one of the sector's leading independent players.
Founded in 2002 and supported by Naxicap Partners since 2007, Astoria Finance is a major player in wealth management in France, with 29 offices and over 100,000 customers. With this structuring build-up operation, Astoria Finance strengthens its private asset management division and integrates the expertise of Patriam's management company. It is also a decisive step for Astoria Finance, which now exceeds €10 billion in assets under management.
Patriam's shareholders commissioned Largillière Finance to set up and manage a structured, tailor-made process. Largillière Finance capitalized on its expertise in the Financial Services sector to optimize the terms of the transaction with Astoria Finance, selected by Patriam's shareholders as the right partner capable of supporting the Group in an ambitious new growth project.
The French wealth management market is growing fast and changing. Digital transformation, increasing regulatory pressure and the need for personalized advice on wealth management strategies are driving a major consolidation trend that has accelerated in recent years.
Against this backdrop of increasing capital-intensive operations, Largillière Finance has built up recognized expertise with shareholders and managers in the ecosystem (asset management, insurance brokerage, wealth management, family office, etc.), with more than twenty operations advised in recent years in the Financial Services sector.
Philippe Curnillon, President of BC Finances and Patriam: “All the Patriam partners would like to thank Largillière Finance for its efficient support throughout the process. Regularly approached by the main market leaders, we were convinced by Astoria/Naxicap's approach. This major player in wealth management has great ambitions for the years to come, and will be able to draw on our expertise to develop its private management division, while remaining close to its customers and teams.”
Nicolas Ibanez, Partner at Largillière Finance: “Largillière Finance is proud to have advised Patriam's shareholders in one of the most important transactions of the year in the wealth management sector. Patriam's rare qualities make it a unique asset on the market. Following this merger, the new entity will consolidate its position as a major player in France”.
Stakeholders in the operation:
| Patriam | |
|
Philippe Curnillon |
|
Pascal Blamoutier |
|
Luc Carillo |
|
Sébastien Serre |
|
Florence Baboz |
|
Pierrick Benoit |
|
Michel Dinet |
| Astoria Finance / Naxicap | |
|
Malcolm Vincent, Basile Cicuto |
|
Laurent Chouteau, Nicolas Sebille |
| Patriam Advisors | |
|
Paul Bougnoux, Nicolas Ibanez, Florian Leginy, Laurent Génin, Paul Sardinha Marques |
|
Antoine Martin, Baudouin Gueyffier |
| Astoria / Naxicap Advisors | |
|
Matthieu Lochardet, Stéphanie Dourdin |
With offices in Paris, Lyon, Nantes, Brussels and Geneva, Largillière Finance is an independent investment bank dedicated to assisting managers and shareholders of small and medium-sized companies with their capital transactions: company sales and acquisitions, financing (capital and/or debt), financial engineering (valuation, etc.) and financial strategy.
