Private equity firm Arx Equity Partners has sold its investment in Fincentrum, a financial advisory business, to Swiss Life Group.
Fincentrum operates in the Czech Republic and Slovakia and facilitates the sale of mortgages, life insurance and investment products. It has more than 3,000 financial advisors and a turnover of over €60 million (£53 million).
Michal Aron, Partner at Arx, said: “We are pleased that the achievements of Fincentrum over the past few years have positioned the company as an attractive acquisition target for a blue-chip strategic acquirer such as Swiss Life. Fincentrum has excellent long-term growth and development prospects and we believe that Swiss Life will be an ideal driver for the business going forward.”
The divestment of Fincentrum to Swiss Life represents the third exit from the Arx Czech portfolio over the past 12 months to major internationally listed strategic acquirers. It follows the sale of Arx portfolio company KVK Holding to Swiss listed company Sika in 2017 and the exit of Vues to NYSE listed firm Moog in 2018.
Brian Wardrop, Arx Managing Partner, added: “The Arx exits achieved over the past 12 months are evidence of both the attractiveness of the Czech lower mid-cap market and the Arx investment focus as a whole.”