TA Associates, a global growth private equity firm, has made a significant minority investment in global financial services provider Apex Group Ltd (Apex).
Apex is majority-owned by Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The investment reinforces Apex’s strength as a leading financial services provider to investors, financial institutions and corporates.
Founded in Bermuda in 2003 by CEO Peter Hughes, Apex Group is a global financial services provider to asset managers, financial institutions, family offices and corporates. Apex has continually improved and evolved its capabilities to offer a single-source solution through a broad range of products including fund services, digital banking, depositary, custody, super ManCo services, compliance solutions, corporate services, and a pioneering ESG Ratings and Advisory service for private companies. The Group’s single-source solution is delivered by 4,500 employees across 47 offices worldwide. Following an investment from Genstar in 2017, the Group has grown both organically and via strategic acquisition, increasing its assets under administration from USD80 billion, to USD1.1 trillion in assets serviced across administration, custody, depositary and under management.
Hughes says: “Apex was founded with clients at the heart of its strategy. Since 2003 we have been focused on evolving our business to deliver more and better services to clients, no matter where they are in the world. We are very proud of the progress we have achieved together with Genstar’s support, building an unparalleled breadth of product and scaling our geographic footprint while maintaining exceptional levels of client service and retention. With TA Associates as a new partner, we look forward to continuing on our growth trajectory and further enhancing our capabilities, while driving innovation and progress in the industry.”
Tony Salewski, Managing Director of Genstar, says: “Through the leadership of Peter Hughes, Apex has experienced extraordinary growth and transformation by pursuing a relentless focus on their clients and capabilities. Since Genstar’s investment four years ago, Apex has achieved significant scale by meeting and exceeding clients’ service expectations. We have supported Apex through investment and acquisition capital to add complementary services and geographies, and we believe the company is well positioned for continued success. Apex is now one of the leading independent providers of outsourced financial and corporate solutions, as well as a key consolidator in the market – we look forward to our new partnership with TA to drive further growth.”
Roy Burns, Managing Director of TA Associates, says: “We have been extremely impressed by Peter Hughes, his team, and the principles they champion. They have achieved a global leadership position for Apex and continually build on the partnership they maintain with their clients. We are aligned with Apex management’s vision for the future and look forward to pursuing their global business model with Genstar and being a key partner in supporting Apex’s platform as they develop new services and strengthen their tech-enabled services.”
Morgan Stanley & Co LLC and Macquarie Capital served as financial advisors to Genstar. Willkie Farr & Gallagher LLP provided legal advice to Genstar and Goodwin Procter LLP provided legal advice to TA Associates.