LUXEMBOURG, 1 August 2018 – The OneLife Company S.A. (“OneLife”) today announced that an agreement has been reached between funds advised by J.C. Flowers & Co. LLC (“J.C. Flowers”) and the Groupe APICIL (“APICIL”) to sell 100 percent of OneLife to APICIL. Terms of the agreement were not disclosed. The transaction is subject to regulatory approval.
OneLife is a leading Luxembourg life insurance company with more than 5.2 billion euros in assets under management.
APICIL is the fourth-largest social protection group in France, engaged in health and life insurance, pensions, savings products, and related financial services. APICIL seeks to further strengthen and develop its wealth management activities and in this regard, OneLife represents an attractive opportunity through its expertise in cross-border wealth planning solutions using life insurance. The activities of OneLife are entirely complementary to those of APICIL’s Luxembourg subsidiary, APICIL Life Luxembourg.
Thierry Porté, Managing Director of J.C. Flowers and Executive Chairman of OneLife commented: “We have worked over many years to develop the capabilities of OneLife in its core activity of cross-border wealth management solutions and to establish and strengthen the OneLife brand. We see the transaction as a confirmation of OneLife’s franchise and the quality of its people and believe that APICIL will enable OneLife to add greater value to clients and partners in the years to come.”
Antonio Corpas, Chief Executive Officer of OneLife, stated: “APICIL’s financial strength, leadership position in France, and commitment to Luxembourg are all positive factors in the continuing cooperation of our business as a key provider of global wealth solutions for an international clientele.”
Philippe Barret, Chief Executive Officer of APICIL, commented: “The expertise of the teams and the quality of the capabilities of OneLife are a perfect complement to the value chain which we already possess in Luxembourg with APICIL Life Luxembourg and will enable us to further accelerate our growth in the market.”
Advisors for J.C. Flowers are Clearwater International for M&A, Loyens & Loeff for legal counsel, and KPMG Luxembourg for financial, tax, and due diligence counsel.
Advisors for APICIL are AEC Partners and PA Consulting for M&A, Norton Rose Fulbright for legal counsel, Périclès Actuariat for actuarial, and PWC for finance.
The OneLife Company S.A. – and its parent company, The OneLife Holding S.à.r.l. – exists to overturn conventional attitudes to life assurance. As a specialist in this area with more than 25 years experience, OneLife develops cross-border financial planning solutions for ultra-high-net-worth, high-net-worth, and high-affluent clients across Europe and beyond. Whether it’s a question of long-term savings, inheritance planning, or simply understanding how to better manage your wealth, OneLife is dedicated to providing sophisticated, compliant and innovative solutions that are crafted to suit each individual and their evolving needs. Together with a solid network of select partners – including private banks, family offices, and independent financial advisers – OneLife’s dynamic team of international experts offers a fresh approach that helps understand and anticipate the needs of wealthy clients in a world of change. For more information, please visit www.onelife.eu.com.
About Groupe APICIL
The Groupe APICIL, France’s fourth-largest social protection group with turnover of €2.4 billion, offers a full range of high-performance, bespoke solutions in health and personal protection, savings and financial services, and retirement for individuals and professionals. The Group’s 2,144 employees lend their expertise each day to the more than 46,000 companies and 2.2 million policyholders protected. The Group, with its members, is dedicated to satisfying its customers by meeting their every need, from the most general to the most specific (disability, mass retail, public buildings and works, etc.), and in all stages of their lives. Mutualistic and paritarian, the Groupe APICIL supports general-interest causes, thereby helping advance major societal projects.
About J.C. Flowers
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $15 billion of capital in 53 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With more than $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, visit www.jcfco.com.