Posted on Feb 5, 2019 2021 at 8:36
First external growth operation for GFP Gestion, a specialist in the management of health and provident contracts on behalf of third parties, such as brokers or insurance companies. In mid-January, this company created in 1988 in Chartres (Eure-et-Loir) announced the acquisition of one of its competitors, Cetim, whose parent company, April, wanted to separate in order to refocus on its distribution activity. insurance.
Before this takeover, GFP Gestion (35 million euros in turnover) employed 500 people spread over eight sites in France, including four in Chartres, all dedicated to the “back office” and customer relations. Cetim has 200 employees in Lyon, Toulon and Madrid, for 14 million euros in turnover.
“A turning point”
This transaction took place a few months after the takeover of GFP Gestion by BlackFin. This investment fund specializing in financial services has bought 70% of the capital from the founder’s sons. The family kept the remaining 30% via a family holding company which heads another company, GFP Tech, responsible for the development of IT tools.
By taking over Cetim, GFP Gestion becomes one of the main independent French players in the field of the delegation of provident and health contracts, with 2 million people protected. “This acquisition marks a turning point. To accelerate the group’s development, it was essential to bring in new resources and new skills ”, notes the Director General, Rodolphe Chevalier.
Complementary client portfolios
One of the strengths of the operation is to bring together client portfolios that are complementary. Cetim works for example for Malakoff Humanis or Agrica, which are not GFP customers, and will keep its activities for the April group.
GFP Gestion, which operates under a white label for many brokers, its main clients are the insurer Predica (Crédit Agricole) or the Air France staff mutual. This takeover should also allow the group to further standardize its processes to gain in efficiency.
In this sector, “The size effect is fundamental, in particular to have the means to react to the numerous regulatory changes”, explains Rodolphe Chevalier, who predicts other external growth operations. The stated objective is to double turnover over time, taking advantage of a growing market. This is growing by 9% per year under the impetus of a certain number of players who choose to outsource their contract management activities to rationalize their costs.
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