Paris – Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) today announced it has signed a definitive agreement to sell its stake in Diot-Siaci, a leading European corporate insurance brokerage group, to Ardian.
Ontario Teachers’ invested in Diot-Siaci in 2021, supporting the successful merger between Diot and Siaci Saint Honoré. Since then, the business has grown significantly in scale and geographic reach. Ontario Teachers’ also supported the Group across several strategic value creation areas, including:
- Accelerating revenues from ~€700M to €1B+, helping establish a leader in European corporate insurance with strong positions in the Middle East and Africa;
- Supporting the merger and integration of the two entities;
- Advancing an M&A strategy focused on international expansion and niche verticals such as HR consulting;
- Moving up the value chain through vertical integration, notably via the transformative Nasco acquisition in reinsurance, as well as MGAs and the London market.
Inaki Echave, Head of EMEA Private Capital at Ontario Teachers’, said, “We’re proud to have supported Diot-Siaci following the merger between Siaci Saint Honoré and Diot four years ago. Since our entry in 2021, its revenues have multiplied by 1.5 times to reach EUR1 billion, and today we can say Diot-Siaci is a leader in the European corporate insurance broker market, which we have helped expand into the Middle East and Africa. This is another great example of our partnership with management teams in our financial and insurance services portfolio of investments, where we have a demonstrated track record of success over the last three decades.”
Ontario Teachers’ investment in Diot-Siaci is part of its global C$13 billion Financial Services & Insurance portfolio, a core sector of focus for the Private Capital division, which has completed 15 investments in the sector globally, with 13 of these investments led or co-led by Ontario Teachers’.
The transaction is expected to close later this year, subject to regulatory approvals and customary closing conditions.