An affiliate of private equity firm HIG Capital (HIG) is to sell its stake in FNZ, a platform-as-a-service (PaaS) provider to the European wealth management industry, to Caisse de Depot et Placement du Quebec (CDPQ) and Generation Investment Management (Generation) (CDPQ-GIc) in a transaction valuing the Company at GBP1.65 billion.
Headquartered in Edinburgh, United Kingdom, FNZ is a market leading Platform-as-a-Service provider to the European wealth management industry. During HIG’s ownership, the Company has delivered exceptional growth and substantially grew its footprint and broadened its offering into continental Europe and Asia across all segments, from mass-market workplace pensions to mass-affluent and high-net-worth clients. As a result, FNZ is now the European market leader with a broad service offering.
Carl Harring, Managing Director at HIG Capital, says: “HIG is proud to have been a long-term partner of FNZ. During our nine years of ownership, the Company experienced exceptional growth in assets under administration from GBP5 billion to over GBP330 billion, and became the European Platform-as-a-Service market leader in the wealth management industry. FNZ has delivered an outstanding return for HIG and its investors; we look forward to following the Company as it continues on its rapid global growth path.”
Adrian Durham, CEO, FNZ, says: “We would like to thank the HIG team for their advice, investment and operational support over the years. Under HIG’s ownership, we have successfully partnered to deliver exceptional growth and value creation for our investors, whilst driving down long-term costs for financial institutions and consumers alike.”
JP Morgan acted as financial adviser to HIG Capital.
