Partners of Ogier Fiduciary Services have agreed terms for a management buy-out of the business from the Ogier Group.
The deal closed on 1 February 2014 with final completion being subject to the regulatory approvals.
The management buy-out of Ogier Fiduciary Services is being backed by Electra Partners, an independent private equity fund manager with over 25 years’ experience of supporting businesses, including those in the financial services industry. On behalf of its major client, Electra Partners has agreed to invest GBP83m of equity in the GBP180m transaction.
Nick Kershaw (pictured), CEO of Ogier Group, says: "Ogier Fiduciary Services is now at the stage where an MBO makes perfect sense given the additional investment needed to achieve its significant growth plans. This transaction is one of the largest and most significant within the offshore world and I believe that Electra will be an excellent partner for Ogier Fiduciary Services; together they will continue to deliver impressive growth."
Alex Fortescue, chief investment partner of Electra Partners, says: “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. We are excited about the opportunities ahead for the company and look forward to working with Paul and his team to deliver further growth.”
Ogier Fiduciary Services will continue to be led by Paul Willing as chief executive officer, supported by the current executive team. There will also be no change to clients' existing relationship management teams.
Although the Ogier Group will be splitting into two independent businesses it is anticipated that Ogier Fiduciary Services and Ogier Legal will continue to have a close relationship. They will also continue to share premises and facilities, and Ogier Fiduciary Services will continue to use the Ogier brand for a period to help ensure a smooth transition.
