Bedell Trust announce management buyout06 Apr 2016
Bedell Trust, the leading award-winning provider of corporate and fiduciary services has announced today a management buyout (MBO) of its business for an undisclosed sum.
The MBO is backed by Inflexion, a leading independent private equity firm, which has over 15 years' experience of partnering with major businesses, including a number in the financial sector. The completion of the deal is subject to regulatory approvals.
Bedell Trust management will retain full operational control of the business.
The deal will result in additional funding which will enable Bedell Trust to accelerate its significant growth plans and to continue to pursue market opportunities as they occur. Last September Bedell Trust acquired a majority stake in Singapore Trust Company (STC) as part of its strategic growth plan. The company will focus and expand its services offering and continue to invest heavily in its people, teams, infrastructure and evolving technology with the support and backing from Inflexion, whilst remaining committed to delivering the highest levels of client service.
Currently employing over 200 people, with a lower staff turnover than the majority of its competitors, Bedell Trust is well placed to build and develop its business lines across all of its international locations over the next five years. Chief Executive Officer Nick Cawley, together with Michael Richardson as Executive Chairman, will continue to lead Bedell Trust through this exciting development alongside the existing management team, ensuring that clients continue to receive the outstanding levels of service that the company has a strong reputation for.
Bedell Trust Chief Executive Officer, Nick Cawley commented:
"Bedell Trust has doubled in size over the last five years and given our strategic aspirations and pipeline of opportunities we feel it is the right time to drive our growth through this partnership with Inflexion. We believe that the team at Inflexion is uniquely placed as the most experienced and knowledgeable mid-market private equity firm in the financial services sector and we are excited about working with them to help us realise our aspirations and to continue to deliver strong growth." Florencia Kassai, Partner at Inflexion said: "Bedell Trust has a fantastic reputation for quality and great client service. We are delighted to have the opportunity to partner with Bedell Trust's management team to help them continue to build a top-quality administration business supported by strong organic growth, complemented by strategic acquisitions. This partnership is based on the shared vision of building a business for the long-term, as rooted in Bedell Trust's DNA. Leveraging on Inflexion’s sector expertise, capital and ambition to accelerate its expansion, we see Bedell Trust emerging as the leading player in the trust and fund administration sector in the Channel Islands."
Advisers involved in the transaction included:
For Bedell Trust - Macfarlanes and Bedell Cristin (Legal), Wyvern (M&A), Alex Picot (Structuring, Tax), KPMG (Compliance Due Diligence), Cooper Gay (Insurance)
For Inflexion - KWM and Mourant Ozannes (Legal), Deloitte (Financial Due Diligence), Jardine Lloyd Thompson (Insurance)