Fortis offloads Intertrust

Dutch mid-market house Waterland Private Equity Investments has acquired the trust and corporate management business of Intertrust from Fortis Bank Nederland and BGL for an undisclosed sum.

The deal is believed to have been necessary to remove a conflict of interest that had developed from Fortis’s ownership of the company. Intertrust was included in the package that saw Fortis’s Dutch operations nationalised in October 2008, which put the government in charge of a business that helps companies reduce their tax burdens.

Intertrust has more than 1,000 employees that service clients in 20 countries. In its 50 year history it has become a prominent player in the corporate trust sector, providing legal, financial and commercial services to its clients.

Principal at Waterland, Lex Douze said: “We have a strong belief in the ongoing potential of the trust industry. We intend to support Intertrust in further strengthening its position through economic growth and add-on acquisitions.”

The sale of is expected to be finalised later this year, after obtaining necessary regulatory approvals.

With €1.4bn in funds under management, Waterland focuses mainly on opportunities in the Netherlands, Germany and Belgium. Intertrust is Waterland’s second acquisition in 2009. In April the mid-market firm bought out a majority stake in German river cruise operator A-ROSA Flussschiff for an undisclosed sum.