Source: HIG Capital
H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over €24 billion of equity capital under management, announced today that one of its affiliates has entered a definitive agreement to sell its stake in FNZ (“FNZ” or the “Company”), the market leading Platform-as-a-Service (“PaaS”) provider to the European wealth management industry, to Caisse de Depot et Placement du Quebec (“CDPQ”) and Generation Investment Management LLP (“Generation”) (“CDPQ-GIM”) in a transaction valuing the Company at £1.65 billion.
Headquartered in Edinburgh, United Kingdom, FNZ is a market leading Platform-as-a-Service provider to the European wealth management industry. During H.I.G.’s ownership, the Company has delivered exceptional growth and substantially grew its footprint and broadened its offering into continental Europe and Asia across all segments, from mass-market workplace pensions to mass-affluent and high-net-worth clients. As a result, FNZ is now the European market leader with a broad service offering.
Carl Harring, Managing Director at H.I.G. Capital, commented: “H.I.G. is proud to have been a long-term partner of FNZ. During our nine years of ownership, the Company experienced exceptional growth in assets under administration from £5bn to over £330bn, and became the European Platform-as-a-Service market leader in the wealth management industry. FNZ has delivered an outstanding return for H.I.G. and its investors; we look forward to following the Company as it continues on its rapid global growth path”.
Adrian Durham, CEO, FNZ, stated: “We would like to thank the H.I.G. team for their advice, investment and operational support over the years. Under H.I.G.’s ownership, we have successfully partnered to deliver exceptional growth and value creation for our investors, whilst driving down long-term costs for financial institutions and consumers alike”.
JP Morgan acted as financial adviser to H.I.G. Capital.