CVC, Nordic Capital and Platinum Ivy (a wholly-owned subsidiary of ADIA, managed by ADIA PED) announce the completion of the acquisition of Hargreaves Lansdown and the subsequent delisting of the Company from the London Stock Exchange.

Hargreaves Lansdown is the UK’s market leading platform for retail investors with an impressive position and strong purpose in the attractive UK wealth market.

The Consortium is motivated by Hargreaves Lansdown’s mission to make it easier for people in the UK to find their financial freedom. Hargreaves Lansdown’s goal is to give more retail investors access to the tools, information and services required to make sound investment decisions, combined with a transparent approach and good value. The Consortium intends to continue investing in improving the client proposition and the customer experience, and will use Hargreaves Lansdown’s scale and experience to continue innovating and developing new features and services to help its customers achieve better outcomes and great value.

On behalf of the Consortium, Pev Hooper, Managing Partner at CVC, Emil Anderson, Partner at Nordic Capital Advisors and Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Hargreaves Lansdown has an important purpose: to make it easy for people to save and invest for a better future. Over the 40 years since it was founded, Hargreaves Lansdown has built a strong and trusted brand, underpinned by high levels of customer loyalty and advocacy. The Consortium brings extensive experience in supporting businesses undergoing transformation, and its members have strong track records of investing in regulated financial services companies to build better businesses and create better customer experiences. We look forward to partnering with Hargreaves Lansdown’s management to accelerate its transformation plan – including investment in technology infrastructure, digital channels and service enhancement – all with client value, service, speed of innovation, and Hargreaves Lansdown’s clear purpose at the core.”

Press contact:
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 sector-specialist 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 Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

Anacap, a market-leading private equity investor specialising in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has signed transaction documentation for the acquisition of a majority stake in Fiduciaire Jean Marc Faber (“FJMF” or “the Company”).

FJMF is a leading independent provider of trust, fund, and corporate services based in Luxembourg. Founded in 1995 by Jean-Marc Faber, the Company is currently led by him along with partners Christophe Mouton and Daniel Galhano. The Company offers a comprehensive suite of services, including corporate administration, accountancy, trust, fund and payroll services. FJMF has experienced significant growth in recent years, fuelled by a strong organic growth strategy and strategic acquisitions.

With approximately 70 full-time equivalents (“FTEs”), FJMF is a member of the Ordre des Experts-Comptables (“OEC”). The Company serves as a “one-stop-shop” provider for more than 1,800 clients, mostly institutional fund customers and patrimonial clients.

Luxembourg is a leading financial centre in Europe, domiciling 25% of total European assets. The outlook for FJMF is positive, as the highly fragmented local market begins to consolidate. This trend aligns with the shared ambitions of AnaCap and FJMF to expand the Company’s inorganic growth strategy, leveraging AnaCap’s unique expertise and FJMF’s strong reputation. This acquisition represents AnaCap’s second investment in Luxembourg after it successfully sold First Names Group to SGG in 2017.This development also represents AnaCap’s third investment for its latest flagship fund, following the acquisitions of two founder-led businesses: Edge Group, an Italian insurance broking platform, and DK Accountants & Adviseurs, a Dutch accountancy services provider. Closing is expected first half of April.

Nassim Cherchali, AnaCap’s Managing Partner, commented:

“We are delighted to announce this partnership with FJMF. This represents AnaCap’s third investment in our latest flagship, with several other transactions already in the pipeline. This acquisition aligns with the AnaCap philosophy of partnering with founder-led platforms to support then during their next stage of growth. We believe FJMF is well-positioned to become a key consolidator in a highly fragmented local market, with this consolidation leading to improved service offerings for clients.”

Steven Gringoire, Director at AnaCap, added:

“We look forward to working closely with the entire team at FJMF and are thrilled for them to join the AnaCap platform. We were impressed with the Company’s recent growth, market reputation and constant focus on the quality of its services. We see an opportunity to cement FJMF’s leading position through increased M&A activity, continuous growth and expansion of the product proposition in an attractive sector. We are very excited for the next chapter of the company’s growth.”

Jean-Marc Faber, FJMF’s Founder and Managing Partner, concluded:
“We are pleased to partner with AnaCap and are very excited by what lays ahead of us for this new chapter. AnaCap’s entrepreneurial approach, track record and shared ambitions convinced us that they were the right partner to support us in our growth journey. We have very high ambitions for the Company as we look to continue expanding the value proposition for our clients and become a trusted consolidator in the corporate, fund and trust services sector.”

AnaCap received legal advice from Proskauer Rose LLP and Vam Campen / Liem. The financial details for this transaction are not disclosed.

Investment to drive expansion of the company’s renowned non-banking financial services platform building on Bain Capital’s deep financial services experience in India, as well as Manappuram Finance’s 75-year track record of excellence 

Mumbai / Thrissur – March 20, 2025 – Bain Capital, a leading global private investment firm, today announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance, a Kerala-based non-banking financial company and the 2nd largest gold financier in India through its affiliates i.e., BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the Existing Promoters who will continue to stay fully invested. This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments.

As part of the transaction, Bain Capital will be investing ~INR 4,385 cr to acquire an 18.0% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of INR 236 per share which is at a premium of ~30% over the 6 month average trading price. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18.0% to 41.7% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). Existing Promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees, who uphold its “customer-first” culture. With strong brand recognition, deep customer relationships, and a widespread presence across India, the company has successfully expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider with significant scale and strong growth momentum.

Mr. V.P. Nandakumar, MD & CEO at Manappuram Finance, said, “The journey of Manappuram Finance has been a long and rewarding one, delivering rich dividends to all stakeholders and investors. For me personally, it has been a privilege to lead such a dynamic company that continues to set gold standards in the NBFC sector. As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance. We look forward to a successful partnership that drives innovation and sustained success”

“We are thrilled to partner with Mr. Nandakumar and his team to support Manappuram Finance in its next phase of growth. This collaboration leverages our deep expertise and commitment to sustainably expanding India’s financial services sector, while democratizing access to financial products that foster entrepreneurship and wealth creation across the country,” said Pavninder Singh, Partner at Bain Capital. “Manappuram has developed a robust, diversified platform, and we look forward to providing the necessary capital, strategic resources, and operational expertise to help the company accelerate its growth and continue to lead in the industry.”

“Manappuram Finance is a leader in the non-banking financial sector, with deep expertise and a strong market presence. Manappuram’s commitment to integrity, customer-centricity, and technology-driven innovation has been key to its success, and we are excited to build on these values to further solidify its leadership in the industry,” said Rishi Mandawat, Partner at Bain Capital. “There continues to be a huge opportunity for the company to accelerate growth in the core segments. We are partnering with the family to provide capital for growth and help the company on a professionalization journey that will enable it to drive better operational efficiency and risk management.”

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and globally, including Axis Bank, 360One Wealth & Asset Management, L&T Finance Holdings, Lionbridge Capital, esure, among others.

Bain Capital was advised by Kotak Investment Banking, Boston Consulting Group India, Cyril Amarchand Mangaldas, Ernst & Young LLP, Kirkland & Ellis LLP and Unaprime Investment Advisors while Manappuram Finance, its affiliates and Existing Promoters were advised by Spark Capital and Khaitan & Co.

For more details, please refer to the investor presentation here.

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About Bain Capital:
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 25 offices on 4 continents, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Manappuram Finance Limited:
Manappuram Finance Ltd. (BSE: 531213, NSE: MANAPPURAM) is one of India’s leading Non-Banking Financial Companies (NBFCs), with a rich legacy spanning over 75 years. Established in 1949 in Valapad, Kerala, the company has grown into a trusted financial institution, serving millions of customers across urban and rural India. From its roots as a gold loan provider, it has evolved into a diversified financial services company, extending vehicle finance, home loans, microfinance, and SME lending to the underbanked and underserved segments of Indian society.

On a consolidated basis, Manappuram Finance Ltd has a nationwide network of 5,357 branches across 28 states and union territories, employing 50,795 professionals committed to its mission of financial inclusion. The company serves a customer base exceeding 6.59 million, with assets under management (AUM) surpassing ₹44,218 crore. To learn more, visit www.manappuram.com.

• Strengthens KingsRock’s growing corporate finance advisory and capital raising business; Increases robust pipeline of investment opportunities for BC Partners Credit
• Collaboration aims to capitalize on the rapidly growing $2.0 trillion private credit industry

KingsRock Advisors, LLC, the independent global advisory firm, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a non-exclusive strategic alliance, wherein BC Partners Credit will have the ability to co-invest up to $500 million in a robust pipeline of credit and special opportunity transactions originated and structured by KingsRock. Likewise, KingsRock will benefit from BC Partners’ deep expertise, resources and broad international network.

This collaboration aims to leverage their combined expertise to originate, structure, execute and invest in credit and hybrid capital opportunities. BC Partners offers KingsRock greater ability to lead, underwrite and co-invest in mandated private capital markets transactions, thus providing issuer clients an enhanced level of financing certainty and its wide investor base with stronger alignment of interest by co-investments.

“The private credit sector has seen tremendous growth and it will not slow down any time soon. By combining KingsRock’s global origination expertise and broad client mix with BC Partners’ strong capital base and extensive distribution networks, both firms are even better positioned to execute complex financing transactions with greater efficiency and volume. We look forward to partnering together on attractive credit and special situation opportunities” said Ted Goldthorpe, Head of BC Partners Credit.

“We are thrilled to announce our strategic alliance with BC Partners Credit,” said Håkan Wohlin, Founder & Managing Partner, and Louis Jaffe, Co-Founder & Managing Partner of KingsRock Advisors. “Having successfully collaborated on multiple high-profile projects across industries, we are building on a strong foundation. This will allow us to support our clients’ capital raising efforts, and wherever applicable take a lead in transactions with other investor partners, by also utilizing access to BC Partners Credit’s significant capital base and distribution reach. We look forward to working together to capitalize on new transaction opportunities.”

-ENDS-

About BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

About KingsRock:

KingsRock Advisors, LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

Founded in 2020, KingsRock comprises a team of approximately 30 professionals who advise on a wide range of private capital markets transactions including debt, hybrid, equity and M&A covering structures from vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides objective strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

• CohnReznick is among the fastest-growing professional services firms in the U.S.
• The Apax Funds will partner with CohnReznick to drive growth and strengthen its position as a market leader.

CohnReznick LLP (“CohnReznick” or “the Firm”), one of the United States’ leading advisory, assurance, and tax firms, today announced a strategic growth investment from Funds advised by Apax Partners LLP (“Apax”). The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the Firm’s growth strategy to deliver best-in-class client solutions and create greater career opportunities for employees.

With over 5000 global employees and 350+ partners in 29 offices across the U.S., CohnReznick has a demonstrated track record of above-market organic growth, posting $1.12B in FY25 revenues owing to its deep pool of talented advisers, industry expertise, and extensive service offering. Today, the Firm serves as a trusted adviser to clients in a wide range of industries, including real estate, financial services and financial sponsors, private client services, consumer, manufacturing, renewable energy, and government advisory.

CohnReznick’s delivery of above-market organic growth has been driven by its deep pool of talented advisers and differentiated positioning in key sectors. The Firm holds a strong position in the competitive professional services market, offering a diverse range of services, maintaining industry-leading client satisfaction, and earning recognition as an employer of choice.

In partnership with Apax, CohnReznick intends to invest further in its talent and business to continue to drive growth. Apax will apply its operational expertise and deep experience in professional services to support CohnReznick in advancing its value creation plan, which includes expanding service lines, developing technology-centric client solutions, entering new markets, developing best-in-class talent and advancing its existing tech platform to drive further innovation and efficiency. Apax will also support the Firm in pursuing its targeted acquisitions strategy to further grow its client offering.

David Kessler, CEO of CohnReznick, said: “Our partnership with Apax is a milestone moment in CohnReznick’s history. We have consistently delivered strong growth and cemented our position in the mid-market, thanks to our best-in-class talent, industry expertise, and comprehensive service offerings. This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. We were impressed by the Apax team’s track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.”

Ashish Karandikar, Partner at Apax Partners, said: “Over the past two years, we have built a strong relationship with the CohnReznick team and have been deeply impressed by the company’s culture, vision, and the consistent growth they have achieved. We are excited to partner with David and the firm’s leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership.”

Following the closing of the transaction, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services and Kelly O’Callaghan will serve as CEO — and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other non-attest services, led by David Kessler as CEO.

Apax was advised by Guggenheim Securities, LLC and CohnReznick was advised by William Blair & Company, LLC. Koltin Consulting Group served as an additional financial advisor to both Apax and CohnReznick.