Pan-European firm Bridgepoint has acquired Appleby Fiduciary Business (AFB) through a management buyout for an undisclosed amount.
The deal, first reported in July 2015, means that the fiduciary and administration segments of offshore law firm Appleby will be spun-off, resulting in AFB and the law firm becoming two independent businesses.
The MBO was made to allow both the legal and fiduciary arms to flourish as two independent organisations, which will give AFB the ability to invest in new infrastructure to develop their service offering, Appleby said in a statement.
The new independent fiduciary business will be led by Jersey-based former Appleby partner Farah Ballands, who said that the firm will be making more announcements in the coming weeks, including the hire of a new chairman.
“The Appleby Group has provided us with a solid foundation from which to build our new fiduciary brand, which we expect to launch in the first quarter of 2016. The team is also busy working on a number of strategic initiatives that we look forward to communicating over the next few weeks, including the appointment of our new chairman.” said Ballands.
The deal represents Bridgepoint’s fourth investment made through its €4 billion Bridgepoint Europe V fund. In addition to providing capital, Bridgepoint will be providing operational support to accelerate the growth of AFB, with plans to make more acquisitions in what both companies called a “strongly growing [fiduciary business] market.”
Advisors in the sale included PWC for Appleby, KPMG for Bridgepoint and Liberty Corporate Finance for management.