25 January 2022

J. de Demandolx Gestion x Financière Tiepolo x Andera Acto

Cession

Secteur Financial Services

Merger in independent private banking between Financière Tiepolo and J. de Demandolx Gestion

Client J. de Demandolx Gestion

Created in 1991 by Jean de Demandolx, J. de Demandolx Gestion manages the assets of private clients. Independent, it provides its clients with personalised management and a high quality of service, delivered by recognised professionals. With 6 employees, it currently manages more than €250 million, including two FCPs, for some 100 families.

Contrepartie Financière Tiepolo

La Financière Tiepolo is an independent portfolio management company created in June 2007. It specialises in private management under mandate in France, Luxembourg and Belgium, as well as in the management of five mutual funds. With 26 employees, it currently manages €1.55 billion for around 1,300 families within the framework of personalised management with no minimum assets. The management supports are securities accounts, PEA, PEA-PME, dedicated life insurance or capitalisation contracts as well as retirement and employee savings.

Contrepartie Andera Acto

Andera Acto is an independent French private equity firm. Andera Acto targets successful companies that have demonstrated a resilient business model and whose management teams are looking to maximise accretion in order to benefit from future value creation. Andera Acto operates in 3 types of situations 1) Sponsorless: preferred partner of managers wishing to take control of their company, as part of a secondary transaction 2) Mezzanine Development: to support growth via low-dilution financing 3) Sponsor: mezzanine financing to maximise the participation of managers in a transfer transaction alongside funds

Financière Tiepolo and J. de Demandolx Gestion are pleased to announce that they have joined forces to become one of the leading independent players in non-intermediated private banking in France.

The founding families of the two companies, the partners and the employees will own 100% of the combined entity, with the objective of generational transmission. The new company will have 32 employees and assets under management of around €1.8 billion for some 1,400 families. This transaction is supported by Andera Acto, an independent French private equity firm.

On the governance side, Roland de Demandolx will take the reins of the company as chairman. Alongside him, Philibert de Rambuteau and Nicolas-Xavier de Montaigut will act as co-CEOs. The historical partners Dominique Villeroy de Galhau – until now general manager – and Thierry Barbier, current general secretary, will join the new management committee and will keep a significant share of the capital. Eric Doutrebente will be the Chairman of the Supervisory Board.

PAX Corporate Finance acted as exclusive advisor to the managing shareholders J. de Demandolx Gestion in the context of the merger with La Financière Tiepolo as well as on the overall financing of the transaction. At the heart of this merger lies the interest of clients and the desire to maintain a high quality, tailor-made service. It allows the two companies, which share common values, to display strong development ambitions in the demanding business of portfolio management.

Eric Doutrebente, Chairman of Financière Tiepolo, said: "We are particularly pleased with this merger between two companies that have known and appreciated each other for many years. They have based their development on identical cultures, both in terms of client services and management typology. I am convinced that this new entity, with its strengthened expertise, will easily confirm its place among the leaders in independent private banking in France.

Roland de Demandolx, Chairman and CEO of J. de Demandolx Gestion confirms: "This transaction is very good news for our clients and our employees. Our shared values and entrepreneurial spirit will create a flagship asset management company, ready to meet our clients' expectations in terms of tailor-made services and efficient and responsible financial management".