MBO at Guernsey’s Legis Group
The management team at Guernsey-based fund administrator Legis has successfully completed a buyout of the business.
The share capital of the funds, corporate services and trust business has been acquired by a newly-formed holding company, Legis Group Holdings Limited, with funding from HSBC, and backed by a significant investment from Bailiwick Investments Limited.
Chief executive Stuart Platt-Ransom said: “We have assembled an experienced and dynamic management team and, under their ownership, Legis is now positioned to become a best of breed independent.”
Legis has almost doubled its staff over the last three years with some staff working for the company for up to ten and, in two cases, 20 years. More than 60 employees will continue to work for the company from its recently developed offices.
Platt-Ransom said Bailiwick Investments’ involvement represents a genuine long-term investment to deliver capital appreciation and an income stream. Peter Harwood and Rupert Evans, both former partners of Ozannes and former shareholders in the business, will continue to hold directorships. Advocate Harwood will be chairman.
John Henwood, a director of Bailiwick Investments Limited said the deal had concluded more than a year of negotiation. Bailiwick Investments Limited is a Guernsey authorised closed-ended investment company, listed on the Channel Islands Stock Exchange.
The Company currently has one share class in issue. It was set up to provide Channel Island investors with an opportunity to invest in local businesses, property and infrastructure under the expertise and local knowledge of an investment committee.