Düsseldorf – French asset manager Groupe La Française has acquired 100% of the shares in the Veritas Group, which has assets under management of around EUR 8 billion. The acquisition includes financial services institution Veritas Institutional and investment management company Veritas Investment. The parties agreed not to disclose the purchase price. The cross-border transaction is currently awaiting approval from the competent regulators and is also subject to the fulfilment of certain other conditions precedent. Closing is scheduled for 2018.
A CMS team headed by lead partner Dr Jürgen Frodermann and Christopher Freiherr von Lilien-Waldau advised the seller of the Veritas Group, a Luxembourg fund advised by the Augur Capital Group, on all legal aspects of the structuring and implementation of the complex transaction, which involved an international auction. As Veritas Institutional is regulated by German financial regulator BaFin under the Banking Act (KWG) and Veritas Investment is likewise regulated by BaFin under the German Investment Code (KAGB), special regulatory aspects also had to be taken into account. The Augur Capital Group and the funds advised by it have been CMS clients for many years.
Augur Capital is a private equity advisor headquartered in Luxembourg with a subsidiary in Germany. Augur has been specialised in the acquisition and active management of small and midcap companies for more than 10 years.
The Veritas Group has been operating successfully in the German market since 1991 as an investment management company under German law with an office in Frankfurt. Since 2007 it has also been active in Germany as a financial portfolio manager, with an additional office in Hamburg. As an asset management boutique, Veritas focuses on portfolio management for institutional and private investors that features innovative risk management. Veritas’ product range includes a number of actively managed equity, multi-asset and ETF funds of funds.
Groupe La Française is a French asset management company based in Paris. It is majority-owned by Credit Mutuel Nord Europe (CMNE), a banking and insurance group operating in northern France and Belgium. The group divides its operations into four core areas: securities, real estate, investment solutions and direct financing. This multi-affiliate model applies to institutional and private clients both in France and at international level. La Française has a presence in the major European cities, the US and Asia. It has assets of more than EUR 70 billion under management.
Dr Jürgen Frodermann, Lead Partner
Christopher Freiherr von Lilien-Waldau, Senior Associate, also Lead
Dr Reimund Marc von der Höh, Senior Associate
Nicole Mundhenke, Associate
Dr Nora Zabel, Associate, all Corporate
Daniel Kamke, Partner
Dr Maximilian Hacker, Counsel
Julia Hellberg, Paralegal, all Restructuring & Insolvency
Thomas Gerdel, Partner
Dr Thomas Link, Partner
Marcus Fischer, Counsel
Julius Hirtz, Counsel
Dr Martin Friedberg, Senior Associate, all Tax
Dr Thomas Hirse, Partner
Dr Heike Freund, Counsel, both Intellectual Property
Dr Andreas Hofelich, Partner
Thomas Glaesmann, Partner
Amelie Schäfer, Counsel
Judith Cremer, Associate, all Labor, Employment & Pensions
Dr Dietmar Rahlmeyer, Partner, Competition & EU