Management buyout of Appleby's fiduciary business

Friday 17 July 2015

Appleby has announced the management buyout of its fiduciary business (AFB) for an undisclosed sum, backed by private equity firm Bridgepoint. Completion of the transaction is subject to certain conditions, including regulatory and legal approvals.

Partner and Global Group Head of Fiduciary, Farah Ballands, who will become Chief Executive of the independent fiduciary business, said: “The management team is delighted that we will be partnering with Bridgepoint.

"With Bridgepoint’s support and expertise in growing businesses successfully, we will be able to develop a greater range of products and services for our clients. The Appleby Group has provided us with a solid foundation and enabled us to grow to the size, reach and scale that we enjoy today, but now is the right time to accelerate our growth plans.”

Appleby’s Group Managing Partner, Michael O’Connell, who will continue to lead the law firm post-completion said: “This is an exciting development for Appleby. The transaction will enable two strong businesses to grow and prosper independently, whilst remaining close where it suits the needs of clients.”

Appleby Chairman, Frances Woo, said: “Being able to respond to client needs by investing in the development of products and services for each business is a key part of our thinking here, coupled with providing essential continuity of service. With the existing management team taking the helm of the new fiduciary company this will ensure that existing clients feel it is very much business as usual.”

William Paul, partner and head of Bridgepoint’s financial services team, said: “AFB is an exciting platform with a reputation for high quality, client-centric services, and the expertise to deal with the complex needs of its clients. It brings significant opportunity as a standalone business to accelerate its growth organically and via acquisition, in what remains a strongly growing market.”

Both businesses intend to reinvest capital resources to continue providing client-focused, leading-edge solutions, whilst remaining competitive in their respective markets.

Advisers involved in this transaction included:

For Appleby: PWC (M&A, Commercial and Financial), Macfarlanes (legal), Kinetic (Compliance).

For Bridgepoint: KPMG / Wyvern Partners (Corporate Finance), Stikeman Elliott (Commercial / Regulation), KPMG (Accounting, Tax/Structuring),  Intuitus (IT),  Marsh (Insurance), Travers Smith (legal).

For Management: Liberty Corporate Finance (M&A), Dickson Minto (legal), PwC (Tax).