The personal insurance broking group Suire-Sogeas has announced the acquisition of the entire share capital of EMG Courtage, a firm specialising in group health and protection insurance based in La Canourgue, in Lozère. The shares are being sold by Frédéric Galtier, founder and co-manager of the firm. This is the first external growth transaction carried out since Meanings Capital Partners acquired a stake in the group in November 2025.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
The transaction comes six months after the group’s capital reorganisation. In November 2025, Suire Vie & Patrimoine combined with Sogeas, a Normandy-based firm founded in 2005, as part of a secondary leveraged buyout led by Meanings Capital Partners. The management trio, comprising Thibault Suire, Chairman, and Diego de La Buharaye and Alexandre Pimont, Managing Directors, reinvested alongside the fund. Capital Croissance, a shareholder since 2021, also reinvested.
The group already had a solid acquisition track record, with six external growth transactions completed since 2018, and had posted organic growth of more than 10% per year since 2022. The plan announced when Meanings Capital Partners came on board aimed to accelerate this pace in order to complete the group’s national network. The acquisition of EMG Courtage is the first step in delivering it. The group now reports more than €100 million in premiums under management in health, protection and retirement.
A firm rooted in the social and solidarity economy
Founded in 2013, EMG Courtage operates exclusively in group health and protection insurance. Around a third of its clients come from the non-profit, medico-social and disability sectors. The rest of its portfolio consists of locally based businesses.
This profile aligns directly with one of the acquiring group’s focus areas, whose ESUS-accredited Solidaire offering is designed with medico-social organisations for vulnerable groups. The group has also indicated its intention to broaden the range of products offered to EMG Courtage’s clients.
Operational continuity has been arranged. Séverine Valentin, co-manager, remains with the firm. She retains responsibility for administration activities and will contribute to the group’s development on matters relating to the social and solidarity economy. Frédéric Galtier will support the transition period.
A footprint extended to the south of the country
Before this transaction, Suire-Sogeas had nearly 60 full-time equivalents across six sites, in the West, South-West, Centre-East and Paris. Each of the two founding firms had around thirty employees. The group’s offering covers health, protection, retirement, savings and property and casualty insurance. The integration of EMG Courtage strengthens its presence in the south of France and consolidates its position in group insurance.
The group has confirmed its intention to pursue further acquisitions in order to extend its regional coverage. This approach reflects a market in which French investors’ interest in broker consolidation strategies remains strong, whether from investment funds, mutual insurers or insurers. For specialist regional firms, this type of transaction offers a route to succession that preserves the identity of the business while backing it with a platform that has the resources to grow.
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