Mergers & Acquisitions

Retirement administration and IT company InAdmin RiskCo from Utrecht sold to Achmea, PGB and CGI

By 17 July 2020November 30th, 2020No Comments

“It is striking how quickly and adequately YES Corporate Finance helped to achieve this deal. In a rapidly changing playing field, YES Corporate Finance was able to adapt at a fast pace every time with a great result.” Cees Krijgsman, CEO of InAdmin RiskCo

YES Corporate Finance has successfully assisted the shareholders of InAdmin RiskCo in the sale of the shares to Achmea, PGB pensioendiensten and CGI.

Achmea and PGB pensioendiensten each acquire 50% of all shares of InAdmin RiskCo (“IAR”). The employees, the RiskCo Administration Platform software (RAP), the RAP infrastructure and the agreements with existing customers and suppliers are transferred to a newly created company. RAP’s intellectual property is resold to CGI, which does not become a shareholder.

About InAdmin RiskCo
InAdmin RiskCo is an administrative service provider with more than 130 employees, which brings together pension providers, (company) pension funds, asset managers, PPIs and insurers on its open administration platform. The company has strong roots in the retirement business and offers affordable and flexible retirement administration to 26 companies for more than 330,000 employees. IAR customers include amongst others: ABN AMRO Bank, a.s.r., Atradius, HP, De Volksbank and PGB Pensioendiensten More information: https://www.inadmin.com/

Cees Krijgsman (InAdmin RiskCo, seller)
Cees Krijgsman, CEO of InAdmin RiskCo: “We are happy and proud that we were able to make this step. It is a wonderful perspective for our employees to go into the future with such a strong consortium and to roll out the new platform together. This enables us to realize our ambition to become the most modern platform in the Netherlands. Not only is this great news for our employees, also for our customers and their participants.”

Role YES Corporate Finance
YES Corporate Finance has assisted and advised the shareholders of InAdmin RiskCo in a competitive sales process. YESCF has successfully executed the following actions:

  • Conducting preparations on the sales process
  • Drafting the information memorandum
  • Analyzing received bids
  • Coordinating the due diligence
  • Working out the deal structure and valuation
  • Negotiating on the sales price & additional conditions including the sales- and purchase agreement

About Achmea
Achmea is the parent company of strong insurance brands such as Centraal Beheer, Interpolis and Zilveren Kruis. Together they form the largest insurance group in the Netherlands with approximately 14,000 employees. Achmea is the market leader in non-life and health insurance in the Netherlands and a major player in income and individual life insurance. Based on its cooperative identity, Achmea is committed to a healthy, safe and future-proof society. Achmea’s customers contributed approximately € 20 billion in premium money in 2019. In addition to the Netherlands, Achmea is also active in Turkey, Greece, Slovakia, Australia and Canada. More information: www.achmea.nl

About Pensioenfonds PGB
Pensioenfonds PGB is a multi-sectoral pension fund with roots in the graphics sector. The flexible approach and its own administration organization, ensures implementation of many different schemes. Through social partnerships and clients from 14 sectors, more than 93,000 employees are building up pension or pension capital at approximately 2,580 employers via Pensioenfonds PGB. About 160,000 former participants have retired and about 80,000 people receive pension. With assets of over € 29 billion, Pensioenfonds PGB is one of the 10 largest pension funds in the Netherlands. More information: www.pensioenfondspgb.nl

About CGI
Founded in 1976, CGI is one of the largest independent business and IT service provider in the world. With approximately 78,000 consultants and other professionals worldwide, CGI offers a complete portfolio, from strategic IT and business consulting to system integration, managed IT and business process services and solutions. CGI works closely with its customers locally and complements this with its global distribution network, helping its customers accelerate and digitize their results. With fiscal 2019 reported revenues of $ 12.1 billion, CGI is listed on the TSX (GIB.A) and NYSE (GIB). More information: www.cginederland.nl

Note: the transaction is subject to the approval of the AFM and ACM.

___________________________________________________________________________________
More information:

Arjan Boonekamp
Managing Partner
+31 6 8127 1573
boonekamp@yescf.nl

Joris van Rijn
Managing Partner
+31 6 5083 9612
vanrijn@yescf.nl

YES Corporate Finance