Paris, 6 May 2024 – Crystal today announced that the Private Equity business at Goldman Sachs Alternatives (“GS Alternatives”) has entered into an agreement to become majority shareholder in Crystal group (“Crystal”), alongside Crystal’s management team, led by Bruno Narchal and Jean-Maximilien Vancayezeele, and Seven2, which will remain a shareholder at c. 25%.
Founded in 1992, Crystal, which recently announced agreements to acquire Primonial Ingénierie & Développement, Opti Finance and RDFI, is one of the leading French independent wealth management services and product providers, with around €22 billion assets under management (pro forma for those acquisitions and subject to their completion). The company offers a complete range of wealth management solutions to French and international clients, directly through its advisor network, Laplace, and indirectly through its platform for third-party independent financial advisors, Zénith IS.
Bruno Narchal, President of Crystal, Jean-Maximilien Vancayezeele, CEO, and Benjamin Brochet, Deputy CEO, who led the operation, declared: “We are delighted to welcome a shareholder of such magnitude who can accompany us in the growth of our Group in France and internationally. Our clients, whether individuals or IFAs, will thus be able to benefit from an ever-enriched offering, significant investments in digital and AI, and some of the best experts in the market capable of supporting them in their professional and personal wealth management.”
Michele Titi-Cappelli, Partner, Goldman Sachs Alternatives, commented: “Crystal is an exceptional company within the attractive wealth management advice and distribution sector. We are confident GS Alternatives as a partner and investor can help further accelerate Crystal’s growth trajectory”.
Richard Norton, Managing Director, Goldman Sachs Alternatives, added: “We’ve been impressed by Crystal’s exceptional management team and we are grateful for their trust. We look forward to partnering with them for the next chapter of the company’s development.”
Mihir Lal, Managing Director, Goldman Sachs Alternatives, commented: “In line with our thematic approach to investing, we have developed strong thematic conviction in wealth management across Europe over a number of years. Crystal exemplifies what we find attractive about the sector”.
Thomas Simon, Managing Partner at Seven2 (formerly Apax Partners), states that “Crystal’s and its teams’ journey over the past 4 years have been exceptional with 26 build-ups and a major digital transformation. Crystal has become a French reference in the field of wealth management. We are very pleased to have been able to support a fantastic team of entrepreneurs, and we are delighted that Seven2 can reinvest alongside Goldman Sachs Alternatives.”
The transaction is subject to obtaining relevant regulatory and antitrust approvals.
Press contacts
Lauren Bardet
Seven2 – Communications Director
+33 6 16 32 72 82
lauren.bardet@seven2.eu
Jérôme Goaër – Verbatee
+33 6 61 61 79 34
j.goaer@verbatee.com
Valérie Sabineu – Verbatee
+33 6 61 61 76 73
v.sabineu@verbatee.com
