One year after a management buyout, private equity fund administrator Ipes has continued to grow in line with its ambitious growth targets, attracting 17 new funds in challenging markets.
Ipes was founded in Guernsey in 1998 and is today one of Europe’s leading providers of fund administration services. Following the MBO, Ipes has continued to thrive in the private equity market, generating a strong pipeline of new business from both new and existing clients despite the global economic downturn. Ipes also reports renewed interest in fundraising and investment from its current client base.
Kevin Brennan, Ipes CEO says, 'The buy-out last year allowed us to restructure the business for further growth. Bolstering our senior management team, introducing innovative client management tools and continuing to focus on client service, has seen Ipes reaffirm its leadership in fund administration.'
RJD Partners, a leading UK middle market private equity firm, backed the £25m buyout of Ipes Holdings Limited in August 2008, fully underwriting the deal. This was then followed by a successful debt refinancing in November 2008, reflecting the robust cashflow and strong reputation of the business.
Richard Caston, Partner at RJD, comments 'We are delighted to have been able to play an active part in supporting the growth of this dynamic, service-led business. Ipes is well placed to take advantage of the ongoing trend towards outsourcing and the expansion opportunities this offers. We look forward to continuing to work together to deliver Ipes’ ambitious growth plans.'
The recent appointments of Richard Grainger as Chairman and Gavin Hayman as CFO have further underpinned the Ipes success story and the company is now looking at the possibility of opening a fourth office in Luxembourg in the near future.