AnaCap to acquire IFG International
AnaCap Financial Partners, a London-based private equity group, has signed an agreement to acquire the international division of IFG Group, a financial services group listed in London and Dublin.
AnaCap will pay £70m for the business, subject to regulatory and shareholder consent. The purchase price will be subject to adjustment upon finalisation of a set of completion accounts.
The division administers a range of internationally structured solutions, including trusts, companies and foundations, as well as providing fund administration services.
Steve Pulley, director at AnaCap said: “This is a rare opportunity to invest in a multi-jurisdictional Trust and Corporate Services Provider with a reputation for the highest standards of client service built around strong relationships and trust with its clients.
“The management team has done an outstanding job of consistently growing the business over the last 20 years, without compromising its core value of always putting the client first, no matter how large or small.
“We are committed to helping them further develop the business over the coming years, upholding the existing philosophy that has made the International Division such a success.”
Declan Kenny will remain chief executive of the International Division, and will resign from the Board of IFG Group.