Electra Partners is pleased to announce that, following regulatory approvals, it has completed the purchase of Ogier Fiduciary Services, the fiduciary services division of Ogier Group, for £180 million. Electra Private Equity PLC invested £82 million of equity in the deal alongside a significant investment by Ogier Fiduciary Services' management team, led by CEO Paul Willing. Debt facilities for the transaction were provided by a group of lenders comprising HSBC, Lloyds Banking Group, RBS, Babson Capital Europe and Alberta Investment Management.
Established in 1998 by the Ogier Group, Ogier Fiduciary Services provides trust, fund and company administration services to corporates, private clients and investment funds. Having been established and grown alongside Ogier, one of the leading offshore law firms, Ogier Fiduciary Services is a high-quality business offering a premium service, and one which enjoys strong relationships with its clients and regulators alike. Today Ogier Fiduciary Services is one of the leading offshore fiduciary services providers and serves 3,000 clients from 10 offices worldwide.
Alex Fortescue, Chief Investment Partner of Electra Partners, said:
"We are delighted this transaction has now completed and we look forward to working with Paul Willing and his team to continue the development of the business through organic and acquisitive growth."
Alex Fortescue, Chris Hanna, Ian Wood and Shakira Adigun-Boaye are responsible for the investment in Ogier Fiduciary Services. Chris and Ian will represent Electra Partners on the Board of the company.
This follows a busy period for Electra, with the £84 million investment in Hotter Shoes, the £33 million co-investment in Innovia Group, the £15 million acquisition of Calrec and the further investments in CALA Group and Treetops Nurseries. In the six months to 31 March 2014, Electra Partners announced a record six month period for investment, investing or committing £250 million. This followed record levels of investments and realisations in the year to 30 September 2013, with Electra Partners investing £337 million and realising £459 million on behalf of its major client Electra Private Equity PLC.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
For Electra Partners:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Electra Partners +44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £4.1 billion in over 200 deals. As at 31 March 2014, the firm had funds under management of over £1.5 billion including capital available for investment of circa £300 million.
Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 31 March 2014, Electra has seen diluted NAV per share growth of 260% (equivalent to a ten-year annualised return on equity of 14%) compared to a 129% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.
About Ogier Fiduciary Services
Ogier Fiduciary Services is a world renowned independent professional services firm that provides leading international trust, fund and company administration services and has long standing relationships with large multi-national corporations, high net worth Individuals, wealthy families and investment funds. The Ogier Fiduciary Services management team have grown the business every year for each of the past 13 years and have a robust approach to risk to safeguard both the firm's reputation and the quality of the client base.
Employing over 450 highly qualified professionals across a network of ten international offices, covering all time zones and key financial centres, Ogier Fiduciary Services is able to handle large, demanding and complex engagements, whilst delivering the highest levels of client service based on industry leading expertise.
Ogier Fiduciary Services has a highly diversified business model, with three principal service offerings: Corporate Services, Fund Services and Private Wealth Services.