BlackFin Capital sells CED Group to Rivean Capital

• Rivean’s acquisition is likely to be closed in the first quarter of 2023
• BlackFin acquired CED Group in 2018 from 46 insurers and intermediaries
• CED also focuses on innovation and future-proof digitisation

BlackFin Capital has announced the sale of CED Group to Rivean Capital, a European private equity investor in mid-market transactions. The sale is likely to close in the first quarter of 2023.

CED Group, a Rotterdam-headquartered company, provides claims management services, ranging from risk taxation and inspection to emergency assistance, along with claim loss adjustment and handling, repair in kind and recourse.

Rivean plans to support the management team in its organic strategy and further the company’s growth via its international buy-and-build strategy.

“CED represents a very attractive opportunity for us to invest in a growing provider of claims expert as well as claims management services active in its core markets the Netherlands, France, Belgium and Spain,” said Nikolai Pronk, managing partner at Rivean Capital. Pronk added that the management team had “built a strong digital platform and embarked on an active buy-and-build strategy to become a leading player in the broader European claims management value chain”.

BlackFin Capital bought CED Group from 46 insurers and intermediaries in 2018. Growth came organically and through acquisitions, including Eurexo, CAP, Gexa, Bodex, Lamoral and Veduma.

Other key factors in CED’s strategy are innovation and future-proof digitisation to better its customer experience, the firm said.

Rivean, a European private equity investor in mid-market transactions, handles funds over €3 billion. The company has offices in Amsterdam, Brussels, Frankfurt, Zurich and Milan.

BlackFin Capital, an independent private equity manager based in Paris, manages €2.4 billion in assets under management, and has offices in Amsterdam, Brussels, Frankfurt and London.