Private equity group Sagard is acquiring a significant stake in the Paris-based funds of hedge funds specialist Olympia Group, founded by Marc Landeau.
Earlier this week Olympia and Sagard finalised an agreement under which Sagard will acquire the stake in Olympia Group. The deal will leave management and existing shareholders with 56% of the shares. Sagard is acquiring the balance of the capital and a majority of the voting rights.
Landeau, Chairman and CEO of Olympia Capital Management, said: 'We are very happy to have Sagard as a new shareholder. Sagard is an atypical private equity fund in that it brings together the large industrial families that, like us, have an approach that is both international and entrepreneurial. Its reputation and name recognition should allow us to increase our penetration of institutional markets both in France and abroad.
Landeau will remain at the helm of Olympia through June 2008, when he should be replaced by Matteo Perruccio, currently co-CEO.
The Olympia Group was founded in 1989 by Landeau and is today one of the leading asset management companies in France specializing in funds of alternative funds. It currently has more than EUR 4 billion under management for French and foreign institutional investors, large corporations and independent financial intermediaries. The group employs 80 people and has operations in France, the United States, Great Britain, Switzerland and Hong Kong.
'The Olympia Group corresponds perfectly to Sagard's investment criteria,' said Christopher Spencer, the partner handling the deal for Sagard, 'because it has an ambitious team with a proven track record, thorough knowledge of the market, and strong development potential. We are particularly pleased to participate in the expansion of a group the performances of which make it among the best in its area of expertise. The fact that the founder and staff of the company once again turned to us is very satisfying, and supports our investment strategy.'