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17 July 2008

TMF sold to Doughty Hanson for €750m. TMF has made over 50 follow-on acquisitions since 2004.

Silverfleet Capital, the European mid-market private equity firm, has agreed the sale of its interest in TMF, the global leader in the provision of outsourced management and accounting services, to Doughty Hanson and the management and founder shareholders of TMF. The transaction, which is subject to regulatory clearances, is expected to close around the end of the third quarter of 2008 and will produce a money multiple of six times Silverfleet Capital’s original investment made in 2004 and result in an IRR of 55%.

Commenting Neil MacDougall, the managing partner of Silverfleet Capital who was also a TMF board member said: “During the period of Silverfleet’s involvement with the business, management has been able to achieve a large part of their buy and build strategy and as result TMF has become the pre-eminent global business in its field, growing significantly both organically and acquisitively. In 2004 the company operated in 23 countries whereas today it is active in over 60. In that period TMF has been a prolific acquirer having made over 50 follow-on acquisitions.

“It has been a privilege to be involved with TMF. We at Silverfleet wish the management team and founders every success in the future as they continue their buy and build strategy and reinforce their global footprint.”

Maria van der Sluijs-Plantz CEO of the company and René Rijntjes, a founder of TMF and advisor to the company commented: “We have worked very closely with Silverfleet over the last four years and would like to thank the team for their support. We also wish them a successful future with their own MBO.”

TMF provides outsourcing solutions for a wide range of company administration functions including domiciliation, bookkeeping and payroll, structured finance and fund administration services, corporate secretarial, VAT registration and recovery services and shareholder services to an international client base. TMF has a strong track record of growth and now employs over 2,500 professionals and operates out of 78 offices in 61 countries making it the global leader in its sector.