Bridgepoint, the UK-based non-public fairness agency, has plans to promote its majority stake in Kereis, the French insurance coverage dealer, reported Reuters, citing individuals accustomed to the matter.

This  deal might take the valuation of the insurance coverage dealer to €2bn ($2.21bn).

To run the sale of the dealer within the months to come back, the non-public fairness agency is eager to rent Rothschild & Co, added the sources.

The timing will rely upon the situation of the debt financing market, one of many sources added.

Kereis and Rothschild made no feedback on the information, reported the information company.

The talks come after the current curiosity from potential consumers and a pattern of consolidation within the sector, a 3rd supply mentioned.

Latest pursuits and discussions from potential consumers resulted in a wave of consolidation within the sector.

Final November, KKR & Co agreed to purchase April Group, a French wholesale dealer, from CVC Capital Companions, for over €2bn.

Initially, KKR financed the deal with out having to lift new debt, as rising curiosity diminished the scope of credit score for dangerous leveraged buyouts.

Earlier this 12 months, commerce publication L’Argus de l’Assurance reported that Kereis’ divestment was being thought-about.

In 2020, Bridgepoint purchased a majority curiosity in Kereis, which was earlier known as as Financiere CEP.

This stake was purchased for an undisclosed quantity from JC Flowers & Co.

It was unclear the exact measurement of the curiosity.

Since then, Bridgepoint has expanded the enterprise through acquisitions, with most just lately being the deal of economic know-how agency Particeep.

France has witnessed a number of exercise. In 2022, Ardian purchased an curiosity in insurance coverage dealer Odealim alongside TA Associates.

French brokers Siaci Saint Honore and Diot teamed up in 2021 to type an entity with an annual turnover of near €700m.