PRINT THIS PAGE Silverfleet to sell TMF to Doughty Hanson for €750m17/07/2008. Source: AltAssets. 
European mid-market private equity firm Silverfleet Capital, formerly known as PPM Capital, has agreed to sell its interest in management and administrative service provider TMF to private equity firm Doughty Hanson, company management and founder shareholders for €750m. The deal will produce a multiple of six times the original investment and result in an IRR of 55 per cent, according to the firm. Silverfleet acquired Netherlands-based TMF in 2004. The company provides outsourcing solutions for company administration functions including domiciliation, bookkeeping and payroll, structured finance and fund administration services, corporate secretarial, VAT registration, recovery services and shareholder services. TMF employs over 2,500 professionals and operates out of 78 offices in 61 countries.
Neil MacDougall, managing partner of Silverfleet Capital and also a former TMF board member said, 'During the period of Silverfleet's involvement with the business, management has been able to achieve a large part of their buy and build strategy and as result TMF has become the pre-eminent global business in its field, growing significantly both organically and acquisitively.'
Mark Corbidge, a senior principal with Doughty Hanson, added, 'We are backing a highly experienced, dedicated and ambitious management team, and we are confident that under their leadership TMF can successfully implement its future growth strategy.'
Silverfleet changed its name from PPM Capital to reflect its independence following a buy-out in November 2007 from its previous owner, Prudential. Last month the firm agreed to sell German vehicle components manufacturer Jost World, to Cinven.
TMF is Doughty Hanson’s second private equity investment in 2008, following last month's €460m acquisition of Svendborg Brakes.
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