Hermes Private Equity, the private equity arm of Hermes Pensions Management, has sold fiduciary services company Walbrook Group to Barclays Bank for an undisclosed sum.
In December 2003, Hermes backed the management buyout of Walbrook by chief executive Bryan Dix and his team from Deloitte for an undisclosed figure above £50 million. In 2006 Walbrook also bought the Deloitte office in Hong Kong.
A source close to the company said the deal is believed to have had an IRR of around 35 percent with a multiple of 3 times.
Shane Feeney, director of Hermes, said Walbrook has strengthened its position in providing services to wealthy private clients and extended its international reach through the acquisition of its Hong Kong office.
Walbrook provides fiduciary and advisory services globally to private, corporate and institutional clients. This includes administration of trust and companies, collective investment vehicles, special purpose vehicles, and employer solutions structures. The company employs more than 200 staff in offices in Guernsey, Jersey, the Isle of Man and Hong Kong.
Hermes was advised by KPMG and SJ Berwin.
Hermes has also led several other management buy-outs including the £72.5 million takeover of European attraction operator Merlin Entertainments and of £80 million office service provider OyezStraker Group.