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Electra Partners to buy Ogier Fiduciary Services for £180m

3 Feb 2014

pounds11_sqUK private equity fund manager Electra Partners has agreed to buy Ogier Fiduciary Services from its parent business for £180m.

Electra will invest £83m of equity in the deal alongside investment from Ogier Fiduciary’s management team, with debt provided by a group of lenders including HSBC, Lloyds and RBS.

Ogier Fiduciary provides trust, fund and company administration services to corporates, private clients and investment funds.

The business currently serves 3,000 clients from 10 offices across the globe.

Electra chief investment partner Alex Fortescue said, “Ogier Fiduciary Services is a really strong business with both a domestic and an international growth story driven by some of our core investment themes – in this case the increasing regulation and internationalisation of the corporate and investment management markets which Ogier Fiduciary Services serves.”

The deal is Electra’s second major deal this year following the £85m investment in Hotter Shoes last month.

Electra Private Equity, which is managed by Electra Partners, recently reported that its investments and realisations reached record levels in the fiscal year to end September as returns reached 26 per cent.

The full year results from Electra showed that the London-based firm invested £337m last year – or more than double the £150m invested in the previous year – while realisations reached £459m, up from £301m.

Net valuations rose 26 per cent year on year to £222m including a £113m gain by portfolio company Allflex Holdings. The results also showed that the share price discount to NAV increased to 19 per cent from 12 per cent six months ago.

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