Silverfleet Capital, the European private equity firm has
completed its £50m buyout of Guernsey founded fund services
from RJD Partners following final regulatory approval.
This new backing provides a platform for Ipes to move to the
next stage in its development with Silverfleet Capital and
management planning to grow the business organically and through
acquisition, with a focus on international expansion.
Ipes was founded in Guernsey in 1998 by Connie Helyar and Peter
Gillson with just five people and a vision to pioneer a specialist
approach to private equity fund administration; the success of
which is evidenced by the firm's consistent growth and quality
client base. Ipes now employs 150 people servicing more than 100
private equity clients from offices in Guernsey, London, Luxembourg
Silverfleet Capital replaces previous backers RJD Capital who in
2008 completed a management buyout of Ipes from the original
founders. In line with the completion of the transaction, staff
across the business, including each of the 100 strong Guernsey
team, will benefit from an employee ownership trust, established by
the firm's founders. As the business has grown so too has the
value of the trust, which will distribute in excess of £2m
amongst the firm's employees over the next 12 months.
Ipes Chief Executive Kevin Brennan said: "The business is
what it is today due to the hard work and dedication of our team,
so it is deserving that they now share in its success."
Ipes' broad ownership structure is unique in its sector and
has helped to incentivise the team and retain the commitment to
client service which its founders instilled in the business as it
"It's more than simply a way of rewarding our team, it
makes good business. Our people are incentivised around our success
and it is also an approach which resonates with our private equity
clients," said Mr Brennan.
Geraldine Kennell, the partner of Silverfleet Capital
responsible for financial services and who sits on Ipes' board,
commented: "We have a deep understanding of the financial
services sector and Ipes stood out due to its specialist approach,
its track record and its high quality customer base. We look
forward to working with management to capitalise on significant
opportunities in the outsourcing market, driven by growing
regulatory and investor demands and new legislation such as AIFMD
Mr Brennan added: "Silverfleet have been an Ipes client for
over 10 years and we are delighted that they have chosen to back us
in the next phase of our development. We are excited about working
with them to build on our market leading position and execute our
ambitious plans for growth. These will in turn create new
opportunities for our existing team and future
Local legal advisors on the transaction were Carey Olsen for
Silverfleet and Babbe for RJD and management.
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