H.I.G. Capital Announces the Sale of FNZ
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.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €24 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalisations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
FNZ, founded in 2003, is a global FinTech firm which is transforming the way financial institutions serve their wealth management customers. It partners with banks, insurers and asset managers to help consumers better achieve their financial goals. Today, FNZ is responsible for over £300 billion in assets under administration held by around 5 million customers of some of the world’s largest financial institutions, including Standard Aberdeen, Barclays, Lloyds Bank, Vanguard, Generali, Quilter, Santander, Aviva, Zurich, UOB, UBS, Findex and BNZ. In total, FNZ partners with over 60 financial institutions across the UK, Europe, Australia, New Zealand and South-East Asia.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Hot Wheels Teams Up With Nintendo to Bring the World of Mario Kart to Fans With New Die-cast Toy Line20.6.2019 13:00:00 CEST | Pressemelding
Today Hot Wheels and Nintendo announce the global release of Hot Wheels Mario Kart die-cast vehicles and track sets. With its introduction, the beloved Nintendo characters and iconic karts from the hugely popular Mario Kart franchise have been transformed into authentic, high-performance die-cast toy vehicles. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005167/en/ Three Hot Wheels Mario Kart game-inspired track sets will be available this summer. (Photo: Business Wire) The Hot Wheels replica line features 1:64th scale die-cast Mario Kart vehicles that can race, stunt and crash on a variety of Hot Wheels Mario Kart track sets that bring the gameplay to life. The die-cast karts are also compatible with existing Hot Wheels sets. At launch the Hot Wheels Mario Kart Replica Die-cast assortment will include Mario, Yoshi, Luigi and Bowser with many additional characters coming soon such as Princess Peach, Koopa Troopa and
Arch Capital Group Names Seamus Fearon EVP, Credit Risk Transfer and Services, Global Mortgage Group20.6.2019 13:00:00 CEST | Pressemelding
Arch Capital Group Ltd. (Arch) today announced that Seamus Fearon has been promoted to Executive Vice President, Credit Risk Transfer and Services, Global Mortgage Group. In this role, Fearon will have responsibility for managing Arch’s credit risk transfer (CRT) business and growing its credit risk services offerings. He most recently was Chief Actuary of Arch’s Global Mortgage Group, where he oversaw its capital management framework and the development of its analytics and modeling capabilities. This newly created role highlights Arch’s focus on participating in credit risk transfer programs and supporting customers who would like to enter that growing market. “As the mortgage insurance market in the U.S. becomes even more competitive, it’s important for Arch to diversify its mortgage business to ensure we remain at the forefront of the industry,” said David Gansberg, CEO of Arch’s Global Mortgage Group. “Seamus brings both an analytical perspective and business acumen to these units
Lumileds Highlights Environmental, Health and Safety Milestones in First Sustainability Report20.6.2019 13:00:00 CEST | Pressemelding
Lumileds, a global leader in innovative lighting solutions, today released its 2018 Sustainability Report, which details the company’s progress in supporting the transition to a worldwide low-carbon economy. In the report, Lumileds highlights how its lighting solutions are contributing to positive changes in energy usage, safety, and health and wellness, supporting the company’s commitment to making the world safer, better and more beautiful with light. Lumileds follows a formalized sustainability agenda that identifies specific priorities and tracks progress. For example, in its global LED and automotive lighting operations, the company recently surpassed its 2020 operational goals relative to 2015 including: 41% reduction in emissions (20% goal) 25% reduction in energy consumption (20% goal) 25% reduction in water usage (20% goal) The sustainability objectives are based on creating value for customers through sustainable innovations, reducing the environmental footprint of the compan
Cargo Screening Technology by Smiths Detection at the Mega Tema Port Expansion in Ghana20.6.2019 11:22:00 CEST | Pressemelding
Smiths Detection has won a contract with Meridian Port Services Limited (MPS) to provide cargo inspection technology for the major Tema Port Expansion project in Ghana - designed to accommodate the world’s largest container ships, improve cargo handling productivity and increase trade to both Ghana and the rest of Africa. Four Smiths Detection HCVPZ60 scanning portals were selected to deliver the Ghanaian authorities more efficient border security, while safeguarding state revenue derived from duties and taxes on containerised goods. With trade anticipated to grow in Ghana in the coming years, these portals have been selected in part because of their ability to facilitate fast and effective security processing of a high volume of container traffic. The HCVPZ60 can penetrate 9-11.8 inches of steel whilst maintaining a throughput of up to 100 trucks per hour. Smiths Detection’s advanced screening technology, iCMORE will also be deployed, to expose containers falsely declared as empty. Th
Desktop Metal Now Shipping the World’s First Office-Friendly Metal 3D Printing System to Companies Throughout Europe20.6.2019 10:55:00 CEST | Pressemelding
Desktop Metal, the company committed to making metal 3D printing accessible to manufacturers and engineers, today announced it has begun shipping its Studio System™ to customers and resellers throughout Europe. The world’s first office-friendly metal 3D printing system for functional prototyping and low volume production, has met with strong adoption in North America among leading companies, including Ford, Stanley Black and Decker, Google’s ATAP, Goodyear, Owens Corning, and John Zink Hamworthy Combustion. Building on that momentum, the Studio System is now CE certified for international compatibility and being installed at customers throughout Europe, including France, Germany, Greece, Italy, Portugal, Spain, the Netherlands, and the United Kingdom. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005055/en/ Desktop Metal is now shipping the Studio System, the world’s first office-friendly metal 3D printing system, to
L’Oréal Rewards Social Initiatives Led by Dermatologists at World Congress of Dermatology in Milan20.6.2019 09:23:00 CEST | Pressemelding
In partnership with the International League of Dermatological Societies (ILDS) and the 24th World Congress of Dermatology (WCD), L’Oréal announced the laureates of the third International Awards for Social Responsibility in Dermatology: “Caring to Inspire Skin Confidence”. This aims to reward social initiatives led by dermatologists, improving patients’ physical and psychological well-being, self-esteem, social integration and skin health, and enabling patients to re-engage socially. Brigitte Liberman, President of L’Oréal’s Active Cosmetics Division, said: “Social responsibility is a priority for L’Oréal and we are proud to partner with the ILDS and the WCD to reward iconic dermatologists having positive actions on people’s lives”. Professor Harvey Lui, President of the ILDS, added: “Beyond the day-to-day activities of dermatologists in managing patients with skin issues, there is a vital social role, which is exemplified through our partnership for these awards and lies at the heart