Pan-European private equity firm IK Investment Partners, formerly known as Industri Kapital, has acquired a majority stake in corporate service provider, Vistra Group, for an undisclosed sum.
The current management team have re-invested nearly all of the proceeds and will stay on as shareholders. The transaction will be largely financed by equity provided by IK and its management.
Founded in 2006 through the buy-in of the private equity client business of Chiltern in London and Jersey by the former management team of Fortis Intertrust, Vistra provides corporate structuring and wealth protection.
Partner at IK and head of the Benelux investment team, Kristiaan Nieuwenburg said: “We expect the developments in the trust and corporate services sector to generate attractive opportunities for market consolidation. We are excited to back Vistra’s entrepreneurial management team, who have successfully created a well positioned platform to participate in the consolidation process.”
Vistra is IK’s first acquisition in 2009. Having begun the year with the exit of Dutch online shopping business Wehkamp, for a 5x return to private investors, the Nordic firm’s last acquisition was in September 2008 when it bought Polish-based Axtone, a rail freight buffer manufacturer from Advent International.