Nextalia Offloads 55% Stake in Firstance for €185 Million
Deal News | Jul 03, 2025 | Finance Community IT - 3 Private Equity
Nextalia Private Equity, led by CEO Francesco Canzonieri, has sold a 55% stake in Firstance, insurtech broker, to the French software house Harvest for €185 million. This deal also includes Harvest acquiring the remaining 45% management stake as both parties reinvest in the newly established structure. The transaction, facilitated by Rothschild and subject to governmental and regulatory clearance, saw Harvest outbid British PE firm J.C. Flowers and Blackfin Capital Partners. Firstance, originally First Advisory, has undergone significant transformation under Nextalia’s leadership, including acquiring Gatsby & White, a Luxembourg private insurance intermediary. CEO Massimiliano Merlo will continue to lead Firstance and assume a role in the parent group post-acquisition, anticipated to close by autumn.
Sectors
- Private Equity
- Insurtech
- Financial Software
Geography
- Italy – Nextalia SGR is based in Italy, and the deal involves Italian regulatory approval.
- France – Harvest, the acquiring company, is a French software house.
- Luxembourg – The acquisition is subject to approval by Luxembourg authorities and concerns a previous acquisition of the Luxembourg-based Gatsby & White by Firstance.
Industry
- Private Equity – The article involves Nextalia Private Equity selling its stake in Firstance, highlighting activity in the private equity sector.
- Insurtech – Firstance is an insurtech broker, indicating the relevance of this innovative insurance technology sector.
- Financial Software – Harvest, a software house specializing in wealth management, is acquiring Firstance, relating to the financial software industry.
Financials
- €185 million – Sale price for the 55% stake in Firstance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nextalia Private Equity | Seller | Company | A private equity firm managing the sale of its stake in Firstance. |
| Firstance | Target | Company | An insurtech broker previously known as First Advisory. |
| Harvest | Buyer | Company | A French software house acquiring a majority stake in Firstance. |
| Ta Associates | Investor in Harvest | Company | A private equity firm controlling Harvest. |
| Montagu | Investor in Harvest | Company | A private equity firm controlling Harvest. |
| J.C. Flowers | Bidding Company | Company | A British private equity firm that competed for Firstance. |
| Blackfin Capital Partners | Bidding Company | Company | An investment firm competing in the acquisition process of Firstance. |
| Rothschild | Advisor | Company | Financial advisor managing the bidding process for Firstance. |
| Francesco Canzonieri | CEO of Nextalia | Person | The CEO of Nextalia SGR. |
| Massimiliano Merlo | CEO of Firstance | Person | Co-founder and CEO of Firstance who will continue in his role post-acquisition. |
| Giuseppe Frasca | Co-founder of Firstance | Person | A manager involved in the founding of Firstance. |
| Lorenzo Fanti | Co-founder of Firstance | Person | A manager involved in the founding of Firstance. |