European private equity manager Eurazeo agreed to acquire the remaining 20% stake in middle-market firm Idinvest Partners before the end of the year, a Eurazeo spokesman confirmed.
Eurazeo, which owns 80% of Idinvest Partners, acquired a majority stake in the firm in 2018, announcing its intention to increase it in 2021 and 2022. But the spokesman said the firm recently made a strategic decision to complete the acquisition in 2020.
"The decision to accelerate the operation confirms the mutual ambition of Idinvest's partners to fully engage in the group's strategic project and become a European leading benchmark for companies at every stage of their development," Virginie Morgon, CEO of Eurazeo, said in a news release Thursday.
Terms of the deal weren't disclosed. The acquisition of the remaining shares of Indivest will result in a limited capital increase representing less than 1% of Eurazeo current share capital, the release Thursday said.
Eurazeo has €18.5 billion ($21.9 billion) in assets under management. Idinvest Partners has €8 billion in assets under management.
Separately, Eric Sondag was named managing director at Eurazeo Capital, a division of Eurazeo, the spokesman said.
The role is new. Based in New York, Mr. Sontag is focused on growth buy-out strategies.
"Eric is a resourceful, results-driven investor who will help Eurazeo Capital find and execute unique investment opportunities in North America, a priority market for the firm's global platform," Marc Frappier, managing partner and head of Eurazeo Capital, said in a news release.
Mr. Sondag was previously partner at Searchlight Capital Partners. Details of his replacement could not be immediately learned.