11 June 2018

Carey Olsen advises Silverfleet Capital on sale of Ipes

Lawyers from Carey Olsen in Guernsey and Jersey have advised Silverfleet Capital on the sale of Ipes, a leading provider of fund administration and other outsourced services in the private equity sector, to Apex Group.

Silverfleet Capital, a pan-European private equity firm, has owned Ipes since acquiring it from RJD Partners in 2013. Since then, Ipes has achieved strong organic growth and has strengthened its pan-European footprint by more than doubling both number of clients and staff. Headquartered in Guernsey, Ipes now has 265 staff across five European offices. It works with 195 clients and provides administration and depositary oversight for 390 funds.

Working alongside onshore counsel Travers Smith, the Carey Olsen team advising Silverfleet Capital was led by partners Tom Carey in Guernsey and Guy Coltman in Jersey, with assistance from counsel Carly Parrott, senior associates John Scanlan and Katherine Tresca and associate Kristina Mikhaylova. The firm advised on all Guernsey and Jersey elements of the transaction, including corporate, regulatory, employment, competition and contractual due diligence, as well as providing strategic input into the structuring of the deal.

Mr Carey said: "Having worked with both Silverfleet and Travers Smith on the purchase of Ipes five years ago, we are delighted to have supported them once more on the sale of the same business and one that comes after five years of solid growth and development in their investment."

The deal is expected to generate a 3.8-times money multiple and 30% internal-rate-of-return for Silverfleet Capital once completion, which is subject to regulatory approval, takes place.