10 January 2023
Amsterdam/Paris/Capelle aan den IJssel – BlackFin Capital Partners (“BlackFin”) and Rivean Capital (“Rivean”) announce the intended sale of CED Group Holding B.V. (“CED Group”) by BlackFin to Rivean. CED Group is a full-service claims management service provider. Under the ownership of Rivean, the European growth strategy of CED Group will be continued.
CED Group is a Dutch headquartered company and offers its clients a full range of claims management services, ranging from risk taxation and inspection to emergency assistance, together with (injury) claim loss adjustment and handling, repair in kind and recourse. CED is active in the Property, Mobility and Vitality domains and has a strong cross-border claims organisation. Besides the Netherlands, CED Group is active in France, Belgium and Spain and has offices in 8 other countries for cross-border claims activities.
CED has strong growth ambitions to become the European market leader in the field of claims management. The entire CED Group has approximately 2,000 employees in 12 European countries. In addition to growth, innovation and future-proof digitization are key in CED’s strategy to provide its customers with the best customer experience, always and everywhere: better, faster and cheaper than other players; personal where necessary, digital where possible.
In 2018 BlackFin acquired CED Group from 46 insurers and intermediaries and supported its growth. This growth was realized both organically and through acquisitions, as well as by improving the group’s competitiveness. Examples include the further expansion of the digital service offering, setting up a Digital Factory and Operations Support centre in Tunisia and strengthening customer relationships. Additionally, the acquisitions of Eurexo, CAP, Gexa, Bodex, Lamoral and Veduma contributed to the growth of CED as a strong European organisation.
Rivean subscribes to CED’s strategy and growth ambitions and aims to support the management team in its ambitious organic strategy and further accelerate growth by continuing its international buy and build strategy to become the leading player in the European insurance services market.
François Goffinet, CEO CED Group: ‘We are proud of the partnership with BlackFin and the growth we have achieved together and would like to thank the BlackFin team for their support over the past years. We look forward to continuing this growth together with Rivean. The best customer experience and the development of our employees are conditional in this respect.’
Nikolai Pronk, Managing Partner Rivean Capital: ‘CED represents a very attractive opportunity for us to invest in a growing provider of claims expert as well as claims management services active in its core markets The Netherlands, France, Belgium and Spain. François, Jan Willem, and the rest of the team have built a strong digital platform and embarked on an active buy and build strategy to become a leading player in the broader European claims management value chain, and we are delighted at the prospect of supporting them in accelerating the execution of the company’s strategy.’
Eric May, Founding Partner BlackFin: ’We are very proud of CED’s development over the past years. CED has emerged as the leading player in the field in Europe with a strong technology proposition. Congratulations to all CED teams, who have worked hard to achieve this under the leadership of François Goffinet and Jan Willem Wolffenbuttel. With Rivean Capital’s support, we are very confident that CED should continue to expand fast and further consolidate the market.’
The acquisition is expected to close in the first quarter of 2023.
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About Rivean Capital
Rivean is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean manages funds in excess of €3bn and has offices in Amsterdam, Brussels, Frankfurt, Zurich and Milan. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions.
Contact: Maikel Wieland (Head of Investor Relations); m.wieland@riveancapital.com
About BlackFin
Founded in 2009, BlackFin Capital Partners is an independent private equity manager specializing in the financial services industry in Europe. BlackFin has €2.4 billion in assets under management and a team of 45 professionals based in Paris, Amsterdam, Brussels, Frankfurt and London. BlackFin invests only into asset-light businesses focused on distribution, processing and software solutions. For more information visit www.blackfin.com.
Contact : Marc Kaadi (Investor Relations); marc.kaadi@blackfin.com
For more information
Contact: Rikkert Rietbergen (Head of Marketing and Communication); rikkert.rietbergen@ced.nl