London, 2nd July 2021: Charterhouse Capital Partners LLP (“Charterhouse”), one of the longest established private equity firms operating in Europe, announces today that it has entered into exclusive negotiations for the sale of Siaci Saint Honoré (“Siaci” or the “Company”), a leading global B2B insurance brokerage, to a consortium of investors led by Burrus Group (“Burrus”), the majority shareholder of DIOT.

The deal will see the formation of a newly combined group and create an independent European leader in insurance consulting and brokerage, which will be one of the top ten international players in the sector. Charterhouse will fully exit the Company as part of the deal, which is expected to be finalised in the second half of 2021.

Charterhouse acquired a majority stake in Paris-headquartered Siaci in 2018, having tracked the business for more than 18 months and identified it as a high-quality business in a fragmented market. During Charterhouse’s ownership Siaci has grown significantly via organic initiatives and accretive M&A. The Company’s international presence has been significantly strengthened in key territories through new product developments, including the expansion of the International Mobility division which has become the market leader in China. In addition, Charterhouse has significantly invested in the organisation and strengthened the Company’s corporate governance through the recruitment of a high calibre CFO and supported material investment in IT to accelerate the move to digitalisation. Furthermore, Siaci has completed nine acquisitions since 2018 complementing its core business and expanding into new adjacent markets.

Fabrice Georget, Partner at Charterhouse Capital Partners, commented: “Siaci Saint Honoré has been on an exciting growth journey in recent years. We’ve been delighted to support the Company’s development in this time, through both organic growth initiatives and expansion via acquisition. The newly combined group will form an international leader in the insurance broking sector and create an important European champion, well positioned for further strategic expansion. We wish Pierre and the team at Siaci every success in the future.”