Crystal, a Major Player in Wealth Management in France, Announces an Investment From Private Equity at Goldmans Sachs Alternatives
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.
About Groupe Crystal
Crystal is a major player in independent wealth management in France, serving both domestic and expatriate French clients. The company recently announced the acquisitions of Primonial Ingénierie et Développement and Opti Finance.
Upon their completion, expected before summer 2024, Crystal will increase its assets under management to €22 billion, its revenue to €300 million, and its client base to 90,000 families, supported by 1,000 employees and partners across mainland France, overseas territories, and abroad.
Crystal entities provide a high level of expertise and advice, along with a comprehensive range of wealth management solutions for French and international clients through its brands: Laplace, Zenith IS, Kwarxio, and soon Primonial.
Crystal is led by Bruno Narchal, Founder and President, Jean-Maximilien Vancayezeele, CEO, Benjamin Brochet, and Benoist Lombard, Deputy CEOs.
About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of March 31, 2024. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $82 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.
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For Goldman Sachs Alternatives
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