Funds advised by American private equity investment firm J.C. Flowers & Co. have agreed to divest 100% stake in The OneLife Company to APICIL Group (APICIL) for an undisclosed amount.
OneLife is a Luxembourg-based life insurance company with more than €5.2bn in assets under management.
The company offers cross-border financial planning, asset management and wealth management services to ultra high net worth, high net worth, and high affluent clients across Europe.
The company, which has more than 25 years of experience, works with a network of partners including private banks, family offices and independent financial advisors and provides fresh approach that can help understand the needs of its wealthy clients.
APICIL CEO Philippe Barret said: “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.”
APICIL provides health and life insurance, pensions, savings products, and related financial services.
Through OneLife acquisition, APICIL plans to further strengthen and develop its wealth management activities.
The activities of OneLife are complementary to those of APICIL’s Luxembourg subsidiary, APICIL Life Luxembourg.
OneLife CEO Antonio Corpas said: “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.”
J.C. Flowers managing director and OneLife executive chairman Thierry Porté said that the company worked for several 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
Porté said: “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.”
APICIL Group provides a full range of solutions in health and personal protection, savings and financial services, and retirement for individuals and professionals.