RJD Partners has completed the sale of its investment in Ipes, an independent provider of fund administration and outsourcing services.
The transaction values Ipes at GBP50m, giving a return to RJD of 3x its original investment.
Exchange of contracts took place in April, with final completion now occurring following the receipt of regulatory approval in the four financial centres in which Ipes operates.
Ipes is the fourth successful realisation from RJD’s second fund, RJD Private Equity Fund II, which closed in July 2007. The first three realisations were Teaching Personnel, TransLinc and Raphael Healthcare.
RJD backed the GBP25m buyout of Ipes from its original founder in September 2008, fully underwriting the deal.
Ipes was founded in Guernsey in 1998 with just five employees. Today the business employs 145 staff, managing in excess of USD50bn of assets from four European offices in Guernsey, Jersey, London and Luxembourg. Ipes has over 100 clients and administers 230 funds.
Under RJD’s ownership, Kevin Brennan (pictured) and the management team have delivered significant growth, transforming Ipes from an owner managed business to a professional pan-European operator and increasing assets under management from USD36bn at the time of the original buyout, to over USD50bn today.
Organic expansion has been achieved through winning new clients and funds and the opening of new offices, and operational value has also been realised through significant investment in IT and infrastructure, expanding and strengthening the operational team and the appointment of an experienced chairman, Richard Grainger.
Richard Caston, managing partner, RJD Partners, says: "We are delighted that this transaction has completed, providing a successful exit for RJD and our investors. We enjoyed supporting an exceptionally strong management team in growing Ipes into a clear market leader with an unparalleled reputation for service and we wish the business every success under its new financial backer.”
Brennan says: "We have enjoyed working in partnership with RJD over the past five years to build Ipes’s outstanding track record in the fund administration market and to deliver consistent growth. There remain exciting opportunities both domestically and internationally for the business going forward, particularly with the introduction of recent legislation such as AIFMD, FATCA and Dodd-Frank. Silverfleet Capital has been a customer of Ipes for over 10 years so we are delighted that they are backing the business in its next stage of development.”
Richard Caston and Jill Williams worked on the realisation for RJD.