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THL to acquire Standish in $1.6bn deal

Buyout firm Thomas H Lee Partners has agreed a deal to acquire a majority stake in US-based fund administrator Standish Management that values the business at around $1.6bn, including debt, according to a report by Reuters.

Buyout firm Thomas H Lee Partners (THL) has agreed a deal to acquire a majority stake in US-based fund administrator Standish Management that values the business at around $1.6bn, including debt, according to a report by Reuters.

The report cites unnamed sources as revealing that THL beat off competition from rival private equity firms in an auction for the firm because its bid was favoured by Standish’s management.

Under the terms of the deal, the current management team and other Standish employees, who collectively own 65% of the company, will retain a 45% stake, with THL holding the remainder. Existing investor, London-based investment firm Vitruvian Partners, will exit its investment.

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