Axa Private Equity, one of France's most active middle market buy-out houses, has signed a share purchase agreement with Cornhill Insurance for the management buy-out of Cornhill France for an undisclosed price.

Cornhill France, which had a 2001 turnover of €43.4m ($42.3m), will be the second company in the insurance sector to be acquired by the private equity unit of the French insurance giant. In July 2000 Axa Private Equity acquired Icare, a French business-to-business service and insurance group specialised in the automotive sector.