Silverfleet Capital, the European private equity firm has completed its £50m buyout of Guernsey founded fund services firm Ipes from RJD Partners following final regulatory approval.
This new backing provides 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 in 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 quality client base. Today Ipes employs 150 people servicing more than 100 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.
In line with the completion of the transaction staff across the business will benefit from an employee ownership trust established by the firm’s founders. As the business has grown so too has the value of the trust, which will distribute in excess of £2m amongst the firm’s employees over the next 12 months.
Kevin Brennan, Ipes Chief Executive says, “The business is what it is today due to the hard work and dedication of our team, so it is deserving that they now share in its success”.
Ipes’ broad ownership structure is unique in its sector and has helped to incentivise the team and retain the commitment to client service which its founders instilled in the business as it has grown.
“It’s more than simply a way of rewarding our team, it makes good business” explains Brennan. “Our people are incentivised around our success and it is also an approach which resonates with our private equity clients.”
Geraldine Kennell, the partner of Silverfleet Capital responsible for financial services and who sits on Ipes’ board commented, “We have a deep understanding of the financial services sector and Ipes stood out due to its specialist approach, its track record and its high quality customer base. We look forward to working with management to capitalise on significant opportunities in the outsourcing market, driven by growing regulatory and investor demands and new legislation such as AIFMD and FATCA”.
“Silverfleet have been an Ipes client for over ten years and we are delighted that they have chosen to back us in the next phase of our development. We are excited about working with them to build on our market leading position and execute our ambitious plans for growth. These will in turn create new opportunities for our existing team and future hires” concludes Brennan.
Local legal advisors on the transaction were Carey Olsen for Silverfleet and Babbe for RJD and management.