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16 August 2013

Silverfleet Capital completes Ipes acquisition

Silverfleet Capital, the European private equity firm has completed the acquisition of Ipes, one of Europe’s leading providers of fund administration and outsourcing services to the private equity industry. The transaction was signed on 5 April 2013 and completion occurred on 16 August 2013 following the receipt of regulatory clearance.

Ipes was founded in Guernsey in 1998 and today employs 130 staff, administering in excess of $50 billion of assets from four European offices in Guernsey, Jersey, London and Luxembourg. Ipes has over 100 clients and administers 230 funds, providing a wide range of fund administration and outsourcing services to the closed ended asset class with a particular specialism in private equity. Ipes also supports clients with compliance, banking and the administration of carried interest, co-investment schemes as well as listed funds.

Ipes has successfully pioneered a specialist approach to private equity fund administration and has an excellent track record, in a market environment that is attractive for a dynamic management team with a clear plan for growth. The outlook for the outsourcing of private equity administration is very positive as funds manage increasing regulatory and investor demands with legislation including AIFMD, FATCA and Dodd-Frank, generating significant new reporting requirements which in turn will create an opportunity for Ipes as it works with fund managers to ensure compliance with these regulations.

Silverfleet acquired a majority investment in Ipes from RJD Partners and members of Ipes’ management team, who have reinvested a significant amount of money for a minority stake. Debt was provided by Lloyds Bank and HSBC.

Silverfleet Capital has significant experience of investing in heavily regulated businesses in the financial services sector, having successfully grown TMF to become a leader in the provision of outsourced management and accounting services on a global scale. In 2008 Silverfleet Capital sold the business for 750 million Euros, achieving a 6.1x money multiple and an IRR of almost 60%.

This acquisition is Silverfleet’s seventh from its current €670 million fund and follows Silverfleet’s recent acquisition of Cimbria, a Danish manufacturer of equipment used for either seed processing or post-harvest grain handling.

Silverfleet Capital was advised by DC Advisory (corporate finance), Travers Smith (legal), Carey Olsen (Guernsey legal), PwC (financial & tax), LEK (commercial) & Kinetic (regulatory).