Genstar Capital has partnered with existing management to acquire Institutional Shareholder Services (ISS), from Vestar Capital Partners for USD720 million.
The transaction is expected to close by early fourth quarter, subject to customary closing conditions. ISS will continue to operate independently once the transaction is completed and the current ISS executive leadership team will remain in place.
“The ISS leadership team and I are extremely pleased to partner and collaborate with Genstar, whose deep experience and successful track record working with industry-leading firms such as ours, will help us further accelerate the growth of our product and service offerings for the benefit of clients,” says ISS President & CEO Gary Retelny (pictured). “ISS has the right partner in Genstar to remain sharply focused on our long-standing commitment to provide market-leading expertise, innovation, and service in the area of global corporate governance.
“We thank Vestar Capital Partners for their commitment to ISS and its clients around the globe over the past three years. It has been a tremendously successful partnership,” Retelny says.
“Our partnership with Gary Retelny and the ISS management team has been extremely productive and highly successful, including the completion of five acquisitions, which significantly broadened its products and services,” says Rob Rosner, co-president of Vestar. “We are proud of how ISS has expanded its business over the past several years and strengthened its global position as the leading authority in corporate governance.”
Genstar Capital Managing Director Tony Salewski welcomes the addition of ISS to the Genstar family of portfolio companies, reflecting its approach of backing strong management teams by investing in leading businesses that provide critical tools and services to the financial services community.
“While maintaining its status as the premier governance provider, ISS has expanded significantly over the past three years, exhibiting a deep commitment to its clients by building a robust infrastructure and continuing to develop a world-class suite of ESG solutions,” says Salewski. “We are excited to back Gary and his team in building on this progress through both organic and acquisition growth initiatives globally.”
