Kereis and Santiane announce their plan to create a European leader in omnichannel, multi-specialist brokerage

• KEREIS announces that it has entered into exclusive negotiations for the acquisition of SANTIANE, a leading player in wholesale brokerage and the distribution of health and protection insurance in France, thereby strengthening its growth strategy and leadership in insurance brokerage.

This proposed combination would create a multi-specialist player bringing together recognized expertise in housing protection insurance, health insurance, protection insurance, P&C insurance, and digital distribution.

In an insurance market undergoing profound transformation, driven by the acceleration of digitalized customer journeys, evolving customer expectations, and consolidation among distribution players, this combination would enable the new group to strengthen its innovation capabilities and enhance support for its partners.

Built on complementary businesses, this combination would also diversify the group's distribution channels, creating a platform spanning major banking and insurance partnerships, wholesale brokerage, digital distribution, and direct brokerage. It would therefore strengthen the group's diversification, accelerate its growth in high-potential segments, and consolidate its position among the leading insurance brokers in France.

The new group would notably represent:

- Nearly 20 million clients served;

- More than 2,000 employees;

- A presence in 7 European countries;

- The leading wholesale broker across the main personal insurance segments (Health Insurance, Housing Protection Insurance, Protection Insurance).

The project is built on a shared strategic vision:

- Sustainably strengthen the group's distribution capabilities;

- Accelerate technological and digital investments;

- Develop an ever more effective offering for clients, partners, and insurers;

- Build a more diversified and resilient business model in a rapidly evolving market environment.

The project is also expected to generate significant economies of scale, particularly in the areas of technology and artificial intelligence.

The combination would build on the complementary expertise and teams of both groups, with the ambition of further developing their respective know-how.

Anne-Sophie Grouchka, Chairwoman of KEREIS, stated: "This combination with SANTIANE fully aligns with our ambition to build a leading player, capable of sustainably supporting the transformation of usage patterns and expectations in the insurance sector. We share with SANTIANE the same vision

Hadrien de Bardies, Managing Director Advent: "We are very pleased to support this new stage in KEREIS' development. The combination of KEREIS and SANTIANE creates a strong and innovative leader in insurance brokerage in France, ranking as the number 2 player in the wholesale brokerage market, with enhanced investment capacity."of innovation, growth, and customer service."

Pierre-Alain de Malleray, Chairman of Groupe SANTIANE: "This combination gives us the means to accelerate what we have been building for years, with renewed ambition: to become the reference insurance distribution group in France and the champion of wholesale brokers."

Brice Le Houérou, CEO of Groupe SANTIANE: "This project represents a strong opportunity to accelerate our growth and strengthen our ability to deliver ever more effective solutions to our partners and clients."

Nicholas Whitbeck, Partner Latour Capital: "We are very proud to have supported SANTIANE's teams through this major transformation phase. The combination with KEREIS represents a natural next step to accelerate the Group's development, with Advent's support."

Mumbai, India, 19 May 2026 - Advent, a leading global private equity investor, today announced that it has agreed to invest USD $150 million for a significant minority stake in Iscon Balaji Foods Private Limited ("IBF" or "the Company"), a leading Indian manufacturer and exporter of processed frozen potato products. The investment is part of IBF's USD $215 million Series A round, in which 360 ONE is also participating.

Parties and advisors involved in the transaction:

- Seller: Latour Capital

- Buyer: Kereis / Advent

- Buyer's M&A advisors: Fenchurch, Natixis Partners, Nemrod

- Seller's M&A advisors: Rothschild & Co, Evercore

- Seller's legal advisors: Cleary Gottlieb Steen & Hamilton, Herbert Smith Freehills Kramer

- Buyer's legal advisors: Kirkland & Ellis, Morgan Lewis, August Debouzy

- Seller's Due Diligence: EY, Kearney, Equancy, Bots & Company

- Buyer's Due Diligence: PwC, McKinsey

- Company and management M&A advisors: Sycomore

- Management legal advisors: Duroc, Jeausserand-Audouard

About KEREIS

KEREIS is a European insurance brokerage and services group specializing primarily in Housing Protection Insurance, Protection Insurance, and Health Insurance. For more than 35 years, the group has supported banks, insurers, brokers, and distributors across the entire value chain: product design, distribution, underwriting, customer relations and contract management. Operating in several European countries, KEREIS relies on more than 1,800 employees and combines industry expertise, personalized support, and innovative digital solutions.

About SANTIANE

Founded in 2006, SANTIANE is a leading player in personal insurance brokerage in France, specializing in Health Insurance, Protection Insurance, and Housing Protection Insurance. The group has developed a multi-channel B2B and B2C model combining digital distribution, wholesale brokerage, and technology solutions. Through several brands and specialized entities, SANTIANE serves more than 750,000 clients and is driven by a strong culture of innovation and customer relationships.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than €87 billion in assets under management* and have made 448 investments across 44 countries.

To learn more, visit our website or connect with us on LinkedIn.

* Assets under management (AUM) as of December 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Latour Capital

Latour Capital is an independent French investment firm with an entrepreneurial culture and strong operational experience, led by twelve partners. With €5bn in assets under management, the firm invests in France and Europe and prioritises companies with strong growth potential across the continent.

More information at: www.latour-capital.co.uk