Global buyout firms including Blackstone and TPG are said to be among a number of businesses working on rival bids to acquire US fund administrator Standish Management, in a deal that could value the company at up to $1.7bn, according to a report by Reuters.
Global buyout firms including Blackstone and TPG are said to be among a number of businesses working on rival bids to acquire US fund administrator Standish Management, in a deal that could value the company at up to $1.7bn, according to a report by Reuters.
The report cites unnamed sources as revealing Boston-based Standish has been working with advisers at Morgan Stanley to find a private equity backer, with both Blackstone and TPG reportedly reviewing whether to proceed with firm offers after an initial round of bids.
Rival buyout firm Thomas H Lee Partners (THL) is said to be another company considering a potential bid for employee-controlled Standish, which provides outsourced accounting and reporting services to investment funds.
According to its website, Standish, which is led by CEO and chair Robert Raynard, oversees around $450 billion of client assets, with private capital as its core focus.
