Bridgepoint and Eurazeo in talks to acquire property company Foncia
Bridgepoint and Eurazeo are negotiating the acquisition of Foncia, the French property management services company, from BPCE, the commercial and insurance group, for an undisclosed sum.
The transaction has to be approved by the competition authorities and staff representative bodies, Bridgepoint said in a statement.
Foncia has operations in France, Switzerland, Germany and Belgium and a network of 600 agencies and almost 7,000 employees. It focuses on property management, lease management and rental services and property sales including ancillary services such as credit and insurance brokerage. In 2010 it generated €83m of Ebitda on revenues of €580m.
The company manages over 1m dwellings in France and its leasing and rental business accounts for another 250,000 properties.
The residential property management services market in France is estimated to be worth €8 billion and has grown at an overall rate of 3.5% p.a. over the last 10 years, Bridgepoint said.
Benoit Bassi, partner responsible for Bridgepoint’s investment activities in France, said the aim was to accelerate Foncia’s growth by focusing on improving its technology and investing in staff.