Silverfleet Capital, the European private equity firm has agreed to buy Ipes, one of Europe's leading providers of fund administration and outsourcing services to the private equity industry, in a £50 million transaction, from RJD Partners. Completion of the deal remains subject to final regulatory approval.
This new backing will provide a platform for Ipes to move to the next stage in its development with Silverfleet Capital and management planning to grow the business organically and through acquisition with a focus on international expansion.
Ipes was founded 1998 by Connie Helyar and Peter Gillson with just five people and a vision to pioneer a specialist approach to private equity fund administration, the success of which is evidenced by the firm’s consistent growth and client base. Today Ipes employs 140 people servicing more than 90 private equity clients from offices in London, Luxembourg, Jersey and Guernsey.
Silverfleet Capital replaces previous backers RJD Capital who in 2008 completed a management buyout of Ipes from the original founders. Under RJD’s ownership, the management team delivered significant growth, establishing the firm as a market leader and increasing assets under management from $36bn at the time of the buyout to over $50bn against a challenging market backdrop.
An Ipes client for over ten years, Silverfleet Capital, is familiar with both the firm and the financial services sector. Ian Oxley, partner of Silverfleet Capital who co-led the deal comments “The outlook for the outsourcing of private equity fund administration is very positive. Legislation including AIFMD, FATCA and Dodd Frank will generate significant new requirements and this in turn will create an opportunity for Ipes”.
Chief Executive Kevin Brennan says “We are delighted that Silverfleet have chosen to back us in this next phase of our development. Thanks to Connie and Peter’s vision, the energy and commitment of all our team and RJD’s support to date, Ipes is very much a local success story. This new chapter will provide exciting career progression for people within and hiring opportunities for skilled people currently elsewhere.”
Whilst the deal remains subject to final regulatory approval, staff across the business, including each of the 90 strong Guernsey team, stand to benefit from an employee share ownership scheme established by the firm’s founders.
“Our business is what it is today due to the hard work and dedication of our people supporting their clients, so it is deserving that when the deal completes they will share in its success” concludes Brennan.
Local legal advisors on the transaction were Carey Olsen for Silverfleet and Babbe for RJD.