Lapi Groupe, a national network of multi-specialist insurance brokers, has announced that it has taken stakes in three new broking firms: Kaducea Protection Sociale, based in Lorient (Morbihan); Kern Assurances, based in Loire-Atlantique; and Cabinet Quinto, located in Sainte-Maxime (Var). The three deals, effective as of 31 December 2025, take the number of brokers in the group’s network to 18, as it continues its national rollout under its “Soft Handover” partnership model.
Analysis by the experts at Auris Finance, advisors in mergers, acquisitions and financial engineering.
The three stake acquisitions confirm the acceleration set in motion by Lapi Groupe since Bpifrance and IRDI Capital Investissement came in as shareholders in September 2025. This long-term financial partnership, structured around an equity investment combined with a bond issue the amount of which has not been disclosed, was explicitly aimed at funding around ten broking firm acquisitions. The three deals announced sit directly on that trajectory and show the group’s ability to quickly turn a boost in financial resources into concrete external growth deals.
Three complementary profiles across the country
The three newly acquired firms cover distinct business segments, in line with the network’s diversification approach. Kaducea Protection Sociale, led by Gildas Buquen, Fabrice Le Roux and Christophe Roye, specialises in social welfare and wealth protection for healthcare professionals. Kern Assurances, based in Orvault near Nantes, operates in industrial risks and professional lines, particularly in the renewable energy sector. Cabinet Quinto, led by Thierry Quinto in Sainte-Maxime, is a general-purpose broker active in the retail market since its creation in 1997. This mix of niche expertise and general-purpose business fits the market-segment structure that Lapi Groupe has built through its acquisitions, split between specialty lines, retail and corporate.
A partnership model built around the selling founder
The method chosen by Lapi Groupe rests on a principle that has been constant since the group was founded in 2023 by Henri-Jacques Pieri: the firm is acquired mostly in cash, with the remaining stake valued at the founder’s exit, while the founder continues to run the business for a minimum of three years, keeping the brand and an equity stake. This structure is designed to combine the liquidity that sellers are looking for with continuity in the client relationship, a particularly sensitive issue in niche markets such as social welfare for healthcare professionals or industrial risks. The group also gives the acquired firms access to shared infrastructure covering technical expertise and digital tools.
A consolidation trajectory now well under way
These three deals are not a one-off move but add to a series of acquisitions already completed by Lapi Groupe since its creation, several of which were announced in the first half of 2025 across the specialty, retail and corporate segments. The group, based in La Teste-de-Buch in Gironde and led by a small leadership team around Henri-Jacques Pieri, posted revenue of 6.1 million euros in 2024, before the acceleration made possible by the arrival of its new financial partners. The stated ambition is to reach a target of 50 to 70 entrepreneur brokers over time, with the aim of building the leading phygital insurance broking network in France, combining local presence with the pooling of technical and technological resources.
Our experts by your side
In the local broking market, this type of deal illustrates a consolidation trend driven by networks able to offer selling founders an alternative to a straight sale, allowing them to keep an operational role and a share of the value created after the partnership. For mid-sized firms facing succession, digitalisation or the need to reinforce their commercial resources, the support of M&A and corporate finance advisors helps secure the structuring of the deal, from the choice of partner through to the negotiation of the exit terms.
Auris Finance supports executives in their mergers, acquisitions and corporate finance transactions. Are you considering a fundraising round, an industrial partnership or a sale in the insurance broking sector? Our teams are at your disposal to support you.
