RJD Partners, a UK private equity firm specialising in the service and leisure sectors, has agreed to back a management buyout of outsourced fund administration provider IPES Holdings by the IPES management.
Guernsey-based IPES was established in 1998 by Connie Helyar and Peter Gillson, with backing from a number of private equity firms which had struggled to find high quality offshore outsourcing services.
IPES now administers upwards of 300 funds for 56 client groups. Nine of their largest clients have over €500m in funds under management.
Chief executive of IPES, Kevin Brennan said: “We feel that RJD Partners was the most suitable partner to support the IPES management’s plan; together, we have structured a deal which will help us achieve greater growth and underpin IPES’ future success.”
The MBO has been financed and underwritten by RJD Partners, combined with management reinvestment. The MBO is the seventh investment by RJD Partners through the RJD Private Equity Fund II.