Willkie represented Genstar Capital and Apex Group in the transaction, which positions Apex as the fifth largest fund administrator in the world.
Apex Group Ltd. (“Apex”), one of the world’s largest fund administrators, and Genstar Capital executed the acquisition of Ipes, a leading provider of fund administration and other services to the private equity sector. Adding $165 billion in assets under administration to the Group’s portfolio, this acquisition will bolster Apex’s private equity capabilities and depositary services across Europe and position the Group as the fifth largest fund administrator globally.
The acquisition of Ipes from pan-European private equity firm Silverfleet Capital will further strengthen the Group’s breadth of service and expertise in the European market. Headquartered in Guernsey, Ipes currently has 265 staff across five European offices. As one of the largest European private equity fund administrators and depositaries, Ipes works with 195 clients and provides administration and depositary oversight for 390 funds. The well-established European reputation and robust private equity infrastructure Ipes brings to Apex will complement the existing European set up and extend its private equity arm and expertise.
As an independent fund administrator in the unique position of owning a bank, Apex offers a wealth of solutions backed by a strong global presence. Ipes clients will see immediate value from the transaction, gaining access to an additional 19 jurisdictions, Apex’s renowned local service delivery model, and a full suite of regulatory products in Luxembourg—which with this deal will house over 450 Apex staff members. With the successful closing of this acquisition, Apex employee numbers will reach almost 2,000 and its total assets being serviced will increase to circa $535 billion.
The latest acquisition reflects Apex’s continued global growth, adding to a series of transactions that position it as one of the largest fund administrators in the world. Towards the end of last year, Apex announced the acquisition of the Deutsche Bank’s Alternative Fund Services business, building on its recapitalization by Genstar Capital and acquisition of Equinoxe Alternative Investment Services. Apex also announced the acquisition of M.M.Warburg & CO’s Asset Servicing business in January this year, which is expected to reach final close in the summer. Combined, these acquisitions strengthen Apex’s suite of services and market-specific capabilities on a local, regional, and global scale—all while positioning Apex one step closer to its goal of breaking the trillion dollar barrier.
Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be completed at the end of Q3, 2018.
The Willkie deal team on the current transaction was led by partners Claire McDaid (Picture), Jeffrey Poss and Manuel Miranda, and included associates Philip Coletto and Sarah Wong.
Law Firms: Willkie Farr & Gallagher;