Private equity firm Ardian has acquired a majority stake in French car insurance company Opteven.
The stake has been acquired from insurance firm Aviva and Capzanine, a European private investment management fund, which is reinvesting in the company alongside management.
Opteven was founded in 1985 and is headquartered in Lyon, France. It specialises in providing mechanical breakdown cover, maintenance contracts and roadside assistance.
The company currently generates nearly €150 million (£132 million) in annual turnover and has more than 450 employees.
It operates in seven countries in Europe and has offices in Italy, the UK and Spain.
Jean-Matthieu Biseau, CEO of Opteven, said: “Opteven’s positioning in both the mechanical failure cover and assistance markets makes it a unique player. Opteven is competing in a growing market that is also experiencing consolidation. It was therefore essential for us to find a partner who is able to help us grow in Europe by supporting our ambitious strategy, particularly in terms of acquisitions.”
Marie Arnaud-Battandier, Managing Director at Ardian Expansion, added: “We look forward to working alongside Opteven’s high-quality management team who are backed by an excellent track record. In particular, we will help Opteven gain access to our European network to help it accelerate its international growth by opening subsidiaries and identifying potential targets for its first external growth operation.”