Ontario Teachers' sells stake after backing global expansion and vertical integration strategy
Ontario Teachers’ Pension Plan Board has agreed to sell its stake in Diot-Siaci to Ardian, marking an exit after the European insurance brokerage reached more than €1bn in annual revenue.
Ontario Teachers’ invested in Diot-Siaci in 2021, supporting the merger between Diot and Siaci Saint Honoré.
Since then, the group has expanded significantly, both in scale and geography, with operations extending into the Middle East and Africa.
The pension fund played a role in multiple value creation areas, including advancing an M&A strategy focused on international expansion and niche verticals such as HR consulting.
It also backed vertical integration moves, including the acquisition of Nasco in reinsurance, and entry into MGAs and the London market.
Ontario Teachers’ also helped accelerate Diot-Siaci’s revenue growth from approximately €700m to over €1bn, and supported the merger and integration of the two founding entities.
Inaki Echave, head of EMEA Private Capital at Ontario Teachers’, said the firm has supported Diot-Siaci since the 2021 merger between Siaci Saint Honoré and Diot.
“Since our entry in 2021, its revenues have multiplied by 1.5 times to reach EUR1 billion,” he said. He added that the company has expanded into the Middle East and Africa during that time.
The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close later this year.
Ontario Teachers’ holds a $13bn global Financial Services & Insurance portfolio, which includes 15 investments, 13 of which have been led or co-led by the Private Capital division.
