Cinven to make majority investment in True Potential

Cinven

International private equity firm, Cinven, today announces it has reached an agreement to make a majority investment in True Potential (‘the company’), one of the fastest growing and most innovative financial services groups in the UK. Financial details of the transaction are not being disclosed.

True Potential operates across the wealth management value chain, providing advice, investment platform and fund solutions to more than 1.4 million retail clients in the UK. The company has a highly scalable business model, having built a bespoke and proprietary technology platform to serve both financial advisers and clients.

Headquartered in Newcastle, UK, True Potential was founded in 2007 by Chairman David Harrison and CEO Daniel Harrison. The business employs more than 350 people and works with more than 800 restricted advisers. Approximately 20% of the financial adviser market in the UK uses True Potential’s technology and support services.

True Potential is expected to have in excess of £20 billion of assets under management (‘AuM’) and to generate c. £135 million of EBITDA for the year ending 31 December 2021, reflecting the company’s strong growth over the past five years, during which time AUM and EBITDA have grown at CAGRs of more than 30% and more than 40%, respectively.

Cinven’s Financial Services team, working closely with Cinven’s TMT team, identified True Potential as a compelling investment opportunity with several key attractions:

  • Leading value proposition for clients and strong focus on customer outcomes reflecting its hybrid advice offering, which facilitates frequent adviser interactions both digitally and in-person, access to a range of diversified funds and low all-in fee structure;
  • Attractive market dynamics in the UK wealth management sector, with high levels of recurring revenues and low asset churn, supported by structural market growth given demographic changes and initiatives to address the savings gap in the UK;
    Proprietary and scalable technology platform, which allows for seamless adviser and client journeys, enhances end-client engagement and provides economies of scale as the business grows;
  • Differentiated business model for financial advisers with efficient onboarding processes facilitating accelerated adviser recruitment, a key contributor to True Potential’s strong growth momentum within an adviser market that remains highly fragmented;
  • Track record of high growth delivering outstanding financial performance, with a significant proportion of recurring revenues and strong organic cash conversion enabling continued investment in adviser recruitment and the technology platform to drive further growth; and
  • High calibre and proven management team, led by founders, David Harrison (Chairman), Daniel Harrison (CEO), Neil Johnson (CFO), Mark Henderson (Head of True Potential Investments) and Earl Glasgow (Head of Distribution).

Caspar Berendsen, Partner at Cinven, commented:

“True Potential has a truly differentiated business model within the UK wealth management sector, where there are strong structural growth drivers. The company provides attractive services and products to financial advisers and their clients, using technology to anticipate and meet customer demands in the future as well as now.

“The combination of Cinven’s longstanding track record in both Financial Services and TMT, along with True Potential’s strong management team and integrated business model, will support the company’s future growth. In particular, this transaction will enable continued investment in True Potential’s financial adviser recruitment and its technology platform.

“The Cinven team looks forward to working with the excellent management team, in particular the founder-owners of the business, to support the existing strategy, building on the company’s significant growth potential and success.”

David Harrison, Chairman of True Potential, said:

“We identified Cinven as the right partner for True Potential’s next phase of growth due to their Financial Services and TMT expertise. Their investment will enable us to continue to deliver on our mission to revolutionise the way wealth management is provided. We have a shared vision and I am certain that this investment in True Potential alongside the existing management expertise will deliver continued growth for many years to come.”

Daniel Harrison, CEO of True Potential, stated:

“Our aim in this process was always to find the right partner with the same values that would benefit our clients, financial advisers and staff. In Cinven we have found that partner. The financial advice and investment markets are constantly evolving but we have grown consistently over 14 years by being bold, digital-first and client-focused. This investment and exciting partnership will continue that trend.

“I look forward to working closely with Cinven and continuing to lead the business as we provide the best possible service to our clients and advisers.”

This transaction follows Cinven’s recent investments in the financial services sector, including Miller, a leading specialist insurance and reinsurance broker; Compre, a specialist global consolidator of closed books of non-life insurance policies; NewDay, a leading UK consumer finance company; and Premium Credit, a leading UK provider of premium finance for commercial and retail insurance products.

The investment also builds on Cinven’s TMT investments in software businesses with financial services offerings including Drake Software, a leading provider of tax preparation software, and Visma, a provider of software for accounting, tax and payroll applications.

The transaction is subject to customary anti-trust and regulatory approvals.

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Ardian invests in Nova Reperta, a Brussels-based consultancy

Ardian

22 July 2021 Growth Belgium, Brussels

This investment marks Ardian Growth’s first deal in Belgium

Paris & Brussels, July 22nd, 2021 – Ardian, a world leading private investment house, today announces the acquisition of a stake in Nova Reperta, a Brussels-based management consultancy.

Nova Reperta was founded in 2011. In 2018 the company expanded its activity to create an office in Amsterdam, the Netherlands. Nova Reperta employs over 50 people, advising clients including Toyota Motor Europe, Le Pain Quotidien, Carglass, Dela, Visma|Raet en Lecot.

Nova Reperta is today a reference in company-wide change programs that include both back- and front-stage transformations. Nova Reperta realizes this by strengthening the operating model and value creation plans of its clients – often through combining operational excellence, client centricity, agility and digital acceleration.

With Ardian Growth’s support, the company will be able to accelerate its growth, expanding its services, organic market expansions and targeting strategic acquisitions across Europe. It will also allow Nova Reperta to strengthen its digital capabilities to serve the complex and evolving needs of clients across for example insurance, energy and mobility sectors.

Filip Leflot, Partner of Nova Reperta, commented: ”With the Ardian Growth team on board, we will be able to invest in our digital transformation and data analytics services as well as launch new unique services on the market. More specifically, it is an opportunity to bring into the capital of Nova Reperta a renowned international investor. Ardian, alongside our partners, will help us achieve our goal of becoming a leader and trusted business partner for future transformation journeys.”

Nick Dieltiens, Partner Automotive & Mobility Industry, Customer Experience Practice, added: “The capabilities of our talented and experienced team will ensure that we stay ahead of future market shifts and guarantee our approach remains resilient.”

Florian Dupont, Senior Investment Manager in Ardian Growth team, commented: “We have been impressed by the quality of the team. This investment aligns with our commitment to support ambitious and disruptive entrepreneurs. We want to leverage our expertise and network to implement organic growth as well an active buy-and-build strategy across Europe.”

Romain Chiudini, Managing Director in Ardian Growth team added: “After several investments in Italy and Spain, and growth in new geographies like Germany and Switzerland, we are very excited to now sign our first deal in Belgium with Nova Reperta. This investment confirms our position as a leading European strategic growth partner.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$112bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 750 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT NOVA REPERTA

Nova Reperta is a Brussels & Amsterdam based management consulting company founded in 2011. With a strong foundation in operational excellence, Nova Reperta specializes in both back- and front-stage transformations. It is today a reference in company-wide change programs, addressing the overall operating model and value creation plans of its clients – through client centricity, agility and digital acceleration.
Set up by a mix of seasoned consultants and managers sharing a strong entrepreneurial drive, Nova Reperta is now a team of about 50+ professionals obsessively focused on creating impact with our clients. That goal attracts ambitious, entrepreneurial people who naturally combine soft and hard skills. And that immediately evokes the five core values that tie us together: entrepreneurial, pragmatic, inclusive, trustworthy and always exploring.

LIST OF PARTIES INVOLVED

  • Nova Reperta

    • François Barbellion, François Delfosse, Filip Leflot, Carl Annicq, Nick Dieltiens, Eljakim Caus Ardian: Romain Chiudini, Florian Dupont
  • Ardian

    • Ardian Financial advisors: Crowe (Thomas Corbineau, Julien Latrubesse)
    • Ardian Legal advisors: Winston (Nicola Di Giovani, Sidney Rosenberg, Camille Clauss)
    • Company M&A advisors: VD&P (Laurent Linkens)
    • Company Legal advisors: Backer & McKenzie (Luc Meeus)
    • Senior Bankings: KBC (Guy Wyn, Bart Martens)

Press contacts

ARDIAN – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.com +44 207 3435 7469

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Ngern Tid Lor debuts TIDLOR shares in the SET

CVC Capital Partners

Emphasising its strong fundamentals based on distinctive business model driven by technological innovations, together with continuous and sustainable growth potentials

Ngern Tid Lor Public Company Limited debuts its shares, TIDLOR, in the Stock Exchange of Thailand today. An IPO of TIDLOR has become the largest IPO ever in the Finance and Securities Sector in Thailand as well as one of the top five largest equity IPOs in the history of the Thai equity capital market, with the total offering size of THB 38,089 million (including an overallotment option) and the market capitalisation at the IPO price of THB 84,643 million, demonstrating Ngern Tid Lor’s strong fundamentals as the leading vehicle title loan provider and top 3 retail-focused insurance broker with rapid growth. Driven by technological innovations and omni-channel distribution platform, Ngern Tid Lor is ready to take its success in listing in the SET to another level by expanding its network of branches and boosting efficiency. The company plans to continue to invest in improving technological and digital platforms in order to maintain its leadership status and create sustainable growth opportunities. Stabilisation activities will be in place for a period of no more than 30 days after the first trading date to support stability of the share price in the secondary market.

Mr. Piyasak Ukritnukun, Managing Director of Ngern Tid Lor PCL, states that the TIDLOR shares will make its debut in the SET today (May 10, 2021). “This is a very important day for Ngern Tid Lor, and we are honored to join the stock exchange of Thailand. Ngern Tid Lor is one of Thailand’s leading financial inclusion companies in the fragmented title loan and general insurance brokerage businesses, we are on a mission to help promote sustainable economic development by helping people gain access to fair, responsible, and transparent financial products and services. Our rapid growth has been driven by our strong corporate culture, unique omni-channel, distribution platform, reputable brand, and innovative products and services.”

Ngern Tid Lor’s IPO is the largest IPO ever in the Finance and Securities Sector in Thailand as well as one of the top five largest equity IPOs in the history of the Thai equity capital market, with the total offering size of THB 38,089 million (including an overallotment option) and the market capitalization at the IPO price of THB 84,643 million. TIDLOR IPO had received an overwhelming interest from broad range of investors, from leading Thai and global institutional investors to Thai general public retail investors, reflecting investors’ confidence in Ngern Tid Lor’s strong fundamentals and potential for a sustainable growth in the future.

Ngern Tid Lor’s mission is to provide access to fair, transparent and responsible financial services for financial betterment by offering relevant products and services that are simple to understand, convenient and fast through our committed employees. The unique business model, combining financial services expertise, purpose-built technology and data analytics capabilities to effectively offer the right products for our target customer via omni-channel distributions of 1,076 branches in 74 provinces, with a customer referral network comprises of 638 branches of Krungsri Bank, 5,132 representatives, 491 second-hand truck sales representatives, and 519 phone sales representatives. Our customer acquisition from physical channels is further supplemented by online channels ranging from Ngern Tid Lor website, application and Facebook, and TIDLOR Connect to fulfil the existing gaps and provide further access to financial services for citizens in Thailand.

The company’s performance during 2018-2020 demonstrated strong track record of consistent growth and profitability, generating THB 7,569.4 million, THB 9,457.9 million, and THB 10,558.9 million of revenues respectively and net profits of THB 1,306.2 million, THB 2,201.7 million, and THB 2,416.1 million respectively. Gross loans balance between 2018-2020 stood at THB 39,724.1 million, THB 47,979.4 million, and THB 51,331.2 million respectively, while the premiums of non-life insurance collected at end of year amounted of THB 1,917.7 million, THB 2,854.3 million, and THB 4,010.9 million respectively. Ngern Tid Lor has achieved outstanding risk management outcomes, delivering a rate of Non-Performing Loans to Total Loans of 1.7% along with Coverage ratio of 325.1% as of 31 December 2020.

Following its listing in the SET, Ngern Tid Lor is determined to maintain its leadership in the vehicle title loan business and to strive for the leading position in insurance brokerage business in the future. To achieve such goals, the company will use the money from IPO to expand our lending and insurance brokerage business. Ngern Tid Lor plans to improve existing branches and expand 500 new branches by 2023 to provide wider coverage, invest and develop the IT system and digital transformation to strengthen business operations, uses part of the raised funds for working capital as well as capital restructuring in anticipation of a steady and sustained growth in the future.

“Our fundraising through the IPO will enable Ngern Tid Lor to boost our potential for sustainable growth, strengthen our financial status, continue our investment in digital transformation and platform-building” says Mr. Piyasak.

“Following our listing in the SET, Ngern Tid Lor is determined to be one of the leading quality listed companies under the principle of creating fair transparent and responsible financial opportunities for every Thai individual, while continuing to deliver steady and sustainable growth for the utmost benefits of our shareholders and all stakeholders.”

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CVC Credit supports H.I.G. Capital’s acquisition of KPMG’s UK Restructuring business

CVC Capital Partners

Debt facilities will support company, now known as Interpath Advisory, in its growth and transition to independence

CVC Credit is pleased to announce that it has provided senior debt facilities to support H.I.G. Capital’s (“H.I.G.”) acquisition of KPMG’s UK restructuring business, a leading provider of insolvency, financial restructuring and turnaround services in the UK and globally. The business which has been renamed Interpath Advisory (“Interpath”), will use CVC Credit’s investment to fund its transition to an independent business and strengthen its existing capabilities as it continues to grow its advisory offering in the UK and beyond.

Interpath is a leading multidisciplinary practice of over 40 managing directors and more than 525 staff located across the full breadth of the UK. The group advises companies, lenders, equity holders and a wide range of other stakeholders including Government, regulators and pension trustees to navigate through the issues associated with economic disruption and overcome financial and operational challenges.

Neale Broadhead, Partner at CVC Credit, said: “We were pleased to support H.I.G. in their acquisition of Interpath and to provide continuing support to the management team as they embark upon the next stage of their growth at a time when their services will be in great demand.”

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Projective Group, specialising in delivering (digital) change trajectories, partners up with Gimv for its further European expansion

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GIMV

29/04/2021 – 07:30 | Portfolio

Gimv acquires a minority stake in Projective Group, consisting of Projective, a consulting firm specialising in operational, regulatory and digital change trajectories in financial services; and Exellys, a technology talent incubator that recruits, trains and matches young talent with its customers’ technology needs. The current partners and shareholders of the Projective Group will remain on board and retain the majority of the shares. Projective Group wants to accelerate its European expansion, with a particular focus on buy-and-build. With Gimv, Projective Group brings in a long-term partner with a strong investment capacity.

Financial institutions are constantly changing in response to continuously evolving regulation and technological innovation. To pro-actively respond to these evolutions, they need external partners with the requisite expertise to assist them with the necessary change. One of the top priorities in responding to this change is securing an inflow of scarce young digital talent, with the skills to meet the needs of end customers and to compete with new fintech companies.

With Projective and Exellys (Mechelen, Belgium – www.exellys.com), Projective Group (Brussels, Belgium – projectivegroup.com) is perfectly placed to advise on these challenges. Over the past 15 years, Projective has established its place in the financial services sector for implementing transformation journeys on the interface of business and technology. Projective has more than 150 experienced specialists with strong industry and domain expertise, and a customer-centric approach. With this successful model, Projective has grown steadily in recent years, in its Belgian home market and from offices in the Netherlands, United Kingdom, Germany and France. Exellys in turn helps companies attract and retain highly trained talent in IT and engineering functions across all sectors. With its innovative talent incubator model, Exellys has grown strongly in Belgium since its inception in 2014. In 2020, it opened its first international office in the Netherlands.

The Covid crisis has increased request for support in major (digital) change processes, coupled with an intensive focus on finding and training increasingly scarce new talent needed to maintain growth. Projective Group cannot grow fast enough internally to meet customer demand, so the team is looking for acquisitions to increase its European footprint. It is currently examining takeover candidates in the Netherlands, United Kingdom, Germany and France, with a focus on payment traffic, data, agile and life insurance.

Projective Group has high ambitions. Together with Gimv, it wants to accelerate its international growth and broaden its fields of expertise through a combination of internal growth and buy-and-build. Projective Group has a clear goal: a turnover of 100 million euros by end of 2023 with a Europe-wide team of 800 employees (c.45 million euros and 350 employees today).

Stefan Dierckx, founder and CEO of Projective Group:Projective Group has reached a level where further international expansion through acquisitions can turbo-charge our group’s growth. With its 40 years of experience, Gimv is the perfect partner to embark on this new adventure. Gimv specializes in supporting companies that demonstrate innovative strength, entrepreneurship and ambitious growth plans. They help build those plans in order to accelerate expansion. And that is exactly what we at Projective Group want to achieve.”

Ruben Monballieu, Partner Sustainable Cities team Gimv adds: Projective Group is a reference in the realisation of (digital) transformation processes, in a strongly-growing B2B service market. We look forward to working with Stefan Dierckx and his team to accelerate the company’s growth trajectory and actively engage in buy-and-build.”

The transaction is subject to customary closing conditions. No further financial details on this transaction are being published.

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Nordic Capital sells MFEX, a leading global independent fund distributor, to Euroclear

Nordic Capital

Nordic Capital sells MFEX, a leading global independent fund distributor, to Euroclear Image

  • MFEX has quadrupled assets under administration since Nordic Capital’s acquisition in January 2018
  • The Company is now one of the top Pan-European platforms for fund distribution
  • With this transaction, MFEX and Euroclear’s complementary businesses are expected to create significant value for clients

Nordic Capital has signed an agreement to sell MFEX, a leading global independent fund distributor, to Euroclear. During Nordic Capital’s ownership, MFEX has successfully repositioned itself from a Nordic player to a pan-European leader with an emerging global presence. The new owner Euroclear is a leading provider of financial market infrastructure services and is ideally placed to support the next phase of MFEX’s growth and development.

The two companies are complementary and will build on each other’s strengths. The combination of MFEX’s innovative distribution platform with Euroclear’s FundSettle post-trade operations expertise will create a unique and compelling offering for fund distributors and fund management companies globally.

Nordic Capital partnered with MFEX’s founders and management team in early 2018 to accelerate growth across Europe and Asia, drive consolidation in the sector and further expand MFEX’s product and service offering. Nordic Capital has made substantial investment in the MFEX platform through acquisitive and organic initiatives. Under Nordic Capital’s ownership, MFEX has grown assets under administration fourfold and the company has been propelled into becoming the second largest European player and one of the key platforms for fund distribution.

“MFEX is a true leader in its field. Since Nordic Capital became a majority owner in 2018, in partnership with the founders, MFEX has experienced continued strong organic growth and executed a series of strategic, value accretive acquisitions. MFEX has developed from being a Nordic leader in its industry to a pan-European leader with a global presence. Nordic Capital is pleased to have been able to support this journey. Now it is the ideal time for Nordic Capital to hand over to Euroclear as the next step for MFEX,” said David Samuelson, board member of MFEX and Principal, Nordic Capital Advisors.

Lieve Mostrey, Chief Executive Officer of Euroclear, commented: “We are delighted to sign this agreement to acquire MFEX Group. We expect MFEX’s broad fund distribution network, along with its talented people, to be very complementary to Euroclear as we continue to enhance our exceptional service, extend our customer proposition and grow our business.”

“Together with Nordic Capital, we have invested in our platform and continued to transform the fund distribution proposition. Nordic Capital’s significant experience in growing Financial Services companies has supported our organic growth and also helped form new partnerships. Euroclear is a great strategic fit for the next stages of our growth journey. By adding our respective strengths, we will be able to build an even better and stronger solution for fund distribution,” says Jean Devambez, CEO, MFEX.

MFEX co-founders and board members, Olivier Huby and Oliver Lagerström added: “It has been a privilege to work closely with Nordic Capital and to grow MFEX together. We are delighted for MFEX to partner with Euroclear, which we believe will be a perfect combination for the future.”

The transaction is subject to customary regulatory approvals. The parties have agreed not to disclose financial details.

Cederquist acted as legal advisor to Nordic Capital

Financial Services is one of Nordic Capital’s focus sectors in which it has extensive experience, a strong and active sector network, and a dedicated team within Nordic Capital Advisors across Northern Europe. Nordic Capital is one of the leading investors in the Financial Services sector in the Nordic region and has invested EUR 2.3 billion in 10 financial services companies since 2004. Nordic Capital has achieved repeatable success in this sector and has been instrumental in the development of thriving companies such as Nordnet (recently listed on Nasdaq Stockholm), Nordax and Intrum.

Media Contacts:

Nordic Capital

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

MFEX
Raphael Simon
+33 1 80 87 59 21
raphael.simon@mfex.com

Euroclear
Craig MacDonald
Head of Media Relations
Tel: +44 207 849 0315
e-mail: craig.macdonald@euroclear.com

 

About MFEX

As independent experts in global fund distribution, MFEX offers a complete solution for fund companies and distributors. The MFEX Group was established in Sweden in 1999 and is headquartered in Stockholm with offices in Paris, Luxembourg, London, Geneva, Kuala Lumpur, Milan, Madrid, Umea, Hong Kong, Singapore and Zürich. The main supervisory authority is the Swedish Financial Supervisory Authority (Finansinspektionen).
Today, MFEX is a pan-European leader with a global presence active in 52 countries on 5 continents with more than 300 employees. The company is divided into four main business areas: Trading and custody, Distribution agreement and rebate collection, Data and fund information and Due Diligence / AML & KYC (Global Fund Watch). More information is available at www.mfex.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

 

About Euroclear

Euroclear group is the financial industry’s trusted provider of post trade services. Euroclear provides settlement and custody of domestic and cross- border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.

The Euroclear group includes Euroclear Bank – which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s – as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 897 trillion in securities transactions in 2020, representing 276 million domestic and cross-border transactions, and held EUR 32.8 trillion in assets for clients by end 2020.

For more information about Euroclear, please visit www.euroclear.com.

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Litman Gregory, a nationally recognized US wealth and asset management firm, joins the iM Global Partner’s network

ik-investment-partners

Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has  entered into a definitive agreement to acquire Litman Gregory, a nationally recognized  wealth and asset management boutique managing $4 billion in assets under management  and overseeing $2.2 billion of assets under advisory*.

Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San  Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent  asset management services to investors. For over three decades, Litman Gregory has focused  on providing in-depth investment research and personalized wealth management to  individuals and multigenerational families to help them achieve their financial goals. The  company also supports nonprofit organizations by serving as their fiduciary partner and  outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad  range of US mutual funds.

In just a few years iM Global Partner has become a premier global asset management  network. The addition of Litman Gregory in the U.S., once completed, is expected to bring  assets under management of the group to over $24 billion (from $20 billion as at end of  December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates  iM Global Partner’s commitment to continued cross-border growth in serving the needs of  sophisticated investors.

Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful  set of high-quality investment solutions to serve both institutional and private clients in the  U.S. and internationally. Building upon common values and strengths, which are focused on  commitment to investment excellence, innovation and client service, the group will be able  to further enhance service to clients for years to come.

iM Global Partner plans to operate Litman Gregory Wealth Management as a separate  business unit to preserve the strong recognition, independence and expertise that it has built  over many decades with its cross-generational clients.

Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global  Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global  Partner brings complementary global research resources and strong alignment on total client  focus. The combination of our organizations is a natural fit because of our shared research  DNA, commitment to independent thinking, integrity and total client focus.”

Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory  becoming a part of our group is a major step forward as we continue our U.S. expansion.  This strategic operation allows us to add Wealth Management as a new key activity for iM  Global Partner. Our clients will benefit from the synergies that result when like-minded  organizations leverage their talents and resources to enhance the client experience.”

Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our  Litman Gregory colleagues moving forward and see tremendous opportunities for the  continued development of long-term investment solutions to serve various clients in the U.S.  and internationally.”

This operation is subject to the approval of the SEC (Securities and Exchange Commission)  and is expected to close in the second quarter of 2021.

About iM Global Partner

iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.

iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.

iM Global Partner represents over 19 billion USD of assets under management as at December 2020.

www.imgp.com

About Litman Gregory 

Founded in 1987, Litman Gregory is a nationally recognized wealth management firm based  in the San Francisco Bay Area. Litman Gregory Asset Management provides high-touch wealth  and asset management services to individuals, multigenerational families, and nonprofits.  Litman Gregory advises the PartnerSelect Funds, provides investment strategy  implementation to third-party platforms through Litman Gregory Portfolio Strategies, and  offers portfolio guidance and investment research to professional investment advisors  through Litman Gregory AdvisorIntelligence. The firm oversees $6.2* billion in investment  assets. litmangregory.com 

*The Litman Gregory companies that manage assets include Litman Gregory Asset  Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December  2020.

Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal  advisors to iM Global Partner.

Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale  served respectively as financial and legal advisors to Litman Gregory.

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Sambla and Advisa combine to create a leader in online comparison services with Nordic Capital as the new majority owner

Two of the leading independent online comparison sites for personal finance in the Nordic region, Sambla and Advisa, have today announced their intention to merge. The purpose is to further develop as a combined company to help more clients improve their personal finances by comparing terms on loans and insurance. Both companies have a very high level of customer satisfaction due to a modern user interface, strong and shared corporate values, and by bringing clear benefits to their clients. There is strong growth potential as the two companies support and complement each other very well. Nordic Capital becomes the majority owner and will actively support the new company in the next expansion phase. The goal is to be the best partner for customers, banks and lenders alike, and over time to become the Nordic region’s leading digital comparison site for personal finance.

The combination of Sambla and Advisa creates one of the largest players in the Nordic region within loan intermediation, as both companies have strong platforms to continue to build on. Both companies help clients to compare loan terms and consolidate their loans, and thereby improve the terms and reduce costs. A combination creates new great opportunities for increased product development, an even higher service level and access to additional competitive offers that will benefit more clients. The combined company will have an expected turnover of approximately SEK 575 million and it will be the second largest player in Sweden.

“We are very pleased to announce the combination of the two companies. In recent years, each of our companies have in different ways achieved market-leading customer satisfaction and growth. Together, we have a fantastic opportunity to drive the industry development; not least by product development based on the customer needs and technological innovation. We look forward to having even better opportunities to improve the economy for hundreds of thousands of people throughout the Nordic region,” says Jonathan Bollman, CEO, Advisa.

“I am very pleased that we have agreed to this strategic combination. Together, we gain the scale and position required to take advantage of the growth and expansion opportunities that exist in our market. We are both entrepreneurial companies that share the ambition to become industry leaders, and we have both driven the development of different areas in the industry. Now we have the opportunity to do it together, which will benefit our customers,” says Per Österström, Founder, Sambla.

As the majority owner, Nordic Capital will actively support the new company, drawing on its experience from previous acquisitions in financial services.

“We are deeply impressed by what these two companies have achieved separately and believe that the combined company will increase competition in the sector and be a strong force when it comes to improving consumers’ finances in the future. In addition to creating a strong platform for growth, the combined company will also drive positive development throughout the industry. Nordic Capital looks forward to supporting the business in its next phase,” says Christopher Ekdahl, Principal, Nordic Capital Advisors.

Advisa was founded in 2011 and helps consumers get better terms by comparing loans with up to 36 different banks and lenders in Sweden and Finland. The services are offered completely digitally. Advisa has 48 employees in Stockholm, Sweden and to date has helped over 400,000 customers compare their loans.

Since its inception in 2014, Sambla has helped consumers to save money on their loans by comparing banks’ and lenders’ interest rates in Sweden, Norway, Finland and Denmark. The services are offered through a combination of digital processes and advice over the phone. Sambla has 125 employees in Stockholm and Lund in Sweden. The company has partnerships with over 40 bank and lenders in Sweden, and to date Sambla has helped over 390,000 customers to compare their loans.

Nordic Capital has a long and extensive experience of developing companies in financial services, both through organic growth and add-on acquisitions. Today, Nordic Capital has seven portfolio companies in the sector, including Nordax, Bank Norwegian and Nordnet. Previous holdings include Resurs Bank. As an owner, Nordic Capital supports the portfolio companies’ development through extensive sector knowledge, capital for investments, operational experience with a focus on continued product development and support to further professionalisation of the organisation.

As part of the transaction, the shareholders Four Elements AB and Krasse & Co AB will sell their shareholding in Sambla. “We are proud to have contributed in making Sambla successful and to enable this new combination,” says Björn Krasse, Krasse & Co AB.

The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

 

Press contact:

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: + 46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 16 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

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LV= Agrees Transaction with Bain Capital Credit

BainCapital

December 15, 2020

LONDON, December 15, – Liverpool Victoria Financial Services Limited (“LV=”), the savings, retirement and protection group, is pleased to announce that it has toy reached an agreement on the terms of a transaction with funds advised by Bain Capital Credit LP (“Bain Capital”), a leading global private investment firm, to acquire LV=.

Bain Capital will pay £530m to acquire LV=’s savings & retirement and protection businesses, representing a multiple of 0.9x for the Solvency II Own Funds[ ] of £606m as at September 2020 and a multiple of 1.05x for Economic Own Funds[ ] of £506m. Under the proposal LV=’s With-profits business will be ring-fenced in a separate fund and closed to new business.  The capital available for distribution is expected to increase by up to 40% as a result of the transaction and will be used to increase payments to With-profits members as their policies mature. Their long-term interests will continue to be protected by an experienced With-profits Committee.

The acquisition is subject to regulatory approval and approval from LV= members. It is expected to complete by the end of 2021, subject to the conclusion of the legal process.

Alan Cook, Chairman of LV=, commented: “As a newly standalone life and pensions business in an increasingly competitive market, the Board recognised that LV= required significant long-term investment to be sustainable. This transaction is the culmination of an extremely thorough and robust strategic review – followed by a structured sale process to secure the best long-term future for our members, employees, other stakeholders and the business. The Board is delighted to have secured an attractive price and unanimously agreed that the transaction with Bain Capital presents an excellent financial outcome for all our members, as well as offering an unrivalled commitment to LV=’s future prospects, business and people. We look forward to engaging fully with our members in advance of a member vote in the first half of 2021.”

Mark Hartigan, CEO of LV= said: “The partnership with Bain Capital recognises the opportunity to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic. While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market.”

Matt Popoli, Global Head of Insurance, Bain Capital Credit, commented: “We are delighted by the opportunity to provide long-term support to LV=’s Board of directors and management team on this transaction, which delivers certainty and value to LV=’s members. We are investing in a unique company with an impressive management team and employee base, that is already well positioned in the market, with a clearly established product set, strong IFA relationships and a reputation for customer excellence. We have been impressed by LV=’s initiatives to further improve its market position, the benefits of which are already emerging. Our principles and values are in direct alignment with those of LV= and we firmly believe in a shared vision for the future of the business. We look forward to working collaboratively to achieve these shared goals, which include delivering profitable growth, while preserving LV=’s strong financial position, independence and rich heritage dating back to 1843.”

Transaction details

As a result of this transaction all members are expected to benefit from a cash payment to compensate for loss of mutual membership upon full completion of the transaction.

Customers will also benefit from the increased investment that Bain Capital will provide.  This will strengthen LV=’s digital capability, enhance customer experience and broaden the products and services currently offered.

For With-profits members, the transaction delivers an excellent financial outcome and will give them greater security:
•    Removing business risk for With-profits members by releasing capital required to finance future investment in new business activities;
•    Increased pay-outs at policy exit – with the transaction providing up to a 40% uplift to the total capital available for distribution to With-profits members. This uplift will be subject to market performance and regulatory approval; and
•    Fixing a schedule of administration and investment management charges.

The partnership with Bain Capital will provide LV= with the external investment needed to grow its leading brand and strong product set for the continued benefit of customers and IFAs. As a life and pensions company, LV= is a long-term investment for Bain Capital. It has identified a significant opportunity to leverage LV=’s strong brand to expand its presence in its existing markets. Innovating and refreshing the customer experience and continuing to strengthen LV=’s value proposition for financial advisors will be a core part of the future approach.

As a leading global private investment firm, Bain Capital is a compelling partner for LV= and will be able to support the business with its market expertise, investment capabilities, global perspective and scale. In addition, the Bain Capital Insurance team has a strong track record successfully growing and supporting similar businesses and is one of the most experienced demutualisation investors in the industry globally.

The transaction will be carried out in two stages with Bain Capital initially acquiring LV=’s subsidiary LVLC together with the administration and new business infrastructure.

All eligible members will be invited to vote on the transaction at a Special General Meeting which is expected to be scheduled for the first half of 2021.

Subject to progressing as currently planned, the transaction is expected to complete by the end of 2021 with a transfer of the in-force non-profit business to LVLC (which will then be owned by Bain Capital) and a transfer of the With-profits business to a ring-fenced sub-fund of LVLC which will be run-off for the benefit of With-profits members.  The transfer will be effected by way of a Part VII transfer under the Financial Services Markets Act 2000.

As part of the Part VII transfer LV=’s existing subordinated debt then in issue will transfer with the business in accordance with its terms.

Background to the transaction

The transaction marks the outcome of a comprehensive and rigorous Board-led strategic review which attracted significant interest from leading strategic partners and financial investors from the UK and overseas.

Following the sale of the general insurance business at the end of 2019, it was clear to the Board that as a newly standalone life and pensions business – in an increasingly competitive market dominated by global, well-funded, shareholder owned insurers – LV= would require significant long-term investment to be sustainable.

The Board was faced with the challenge of identifying the most effective way to address the inherent tension between balancing the requirement to invest in the savings & retirement and protection businesses for the long-term while providing enhanced returns to With-profits policyholders.

A wide range of options and proposals were carefully considered by the Board supported by independent financial and legal advice and in consultation with the independent With-profits Committee to enable it to make an informed decision about which option to pursue.
About LV=
LV= is a leading financial mutual and serves 1.3 million members (of which c340,000 are With-profits members) with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades, we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs.

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF. Phone: 01202 292333.

About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalcredit.com.

Media Contacts

Jon Sellors
Head of Corporate Affairs, Life & Pensions
07711 701806

Jon.sellors@lv.com

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Novacap is the first private equity firm in Canada to launch a fund dedicated to financial services.

Novacap

MONTREAL, Dec. 3, 2019 /CNW Telbec/ – Novacap, one of Canada’s leading private equity firms, announced the introduction of a new sector fund and its first closing. Novacap Financial Services I (the “Fund”) gathered initial commitments of C$260 million, a strong start toward its target of C$500 million. A second group of institutional investors is expected to close in Q1 2020.

Driven by strong demand from new and existing investors, the Fund will be managed by three seasoned executives: Marcel Larochelle, as Managing Partner, as well as Rajiv Bahl and Alain Miquelon as Senior Partners. With a dedicated investment team, they will fully leverage Novacap’s infrastructure and apply Novacap’s proven investment methodology.

Novacap Financial Services I aims to invest in mid-market companies established in North America, with a focus on Canada, with strong growth potential.  Four segments are of particular interest: 1-specialty insurance and distribution, 2-asset and wealth management, 3-alternative lending and 4-financial infrastructure. The Fund will make equity investments in order to support companies with their organic growth initiatives and to drive strategic acquisitions.

The Fund is backed by commitments from corporate and public pension funds, financial institutions, family offices and high net-worth individuals.

 

For further information: Alexandra Troubetzkoy, Communications and Marketing Director, NOVACAP, T: 450 651-5000 ext.291, atroubetzkoy@novacap.ca

« We are extremely pleased with the strong support received from our investors for this first close. This is very timely, as we are currently pursuing some very attractive investment opportunities for the Fund. »

Marcel LarochelleManaging Partner of Novacap Financial Services

« It is a historical event as we are the first private equity firm in Canada to launch a fund dedicated to financial services businesses. The Financial Services fund addresses a significant need in the Canadian market that we have observed over the past few years. I am very proud of the team that we have assembled, who made this possible. »

Pascal TremblayPresident and CEO of Novacap

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