Following a decision by the board of IFG Group PLC (the “Group”) to dispose of its International Division (the “Division”), the management of the Division (the “Management”) is delighted to announce that it has signed terms for a buy-out of the Division, backed by a substantial equity investment from funds advised by AnaCap Financial Partners LLP (“AnaCap”).
The decision to dispose of the Division was taken following a detailed strategic review by the Group as to whether the business represented a core component of the Group’s longer term objectives.
The Management are delighted to partner with AnaCap in light of AnaCap’s significant experience within the European financial services sector, as well as its commitment to the future growth of the business and maintaining the key principles of quality client service and independence.
AnaCap is Europe’s largest specialist private equity investor in the financial services sector. Based in London and investing across Europe, AnaCap advises funds with €1.6 billion under management across its Private Equity and Credit Opportunities vehicles.
Both parties hope to finalise the transaction by 31 May 2012, following approval from regulators in the relevant jurisdictions. Once the transaction has completed, Management and the AnaCap team will embark upon the growth programme.
Steve Pulley, Director at AnaCap, explains: “one of the many attractions of this particular company is the strong relationship and trust between the Division and its clients built upon the understanding that client relationships are at the heart of this business. AnaCap greatly values this characteristic and our hopes to further expand in this space are predicated upon following this same model. We recognise that to grow this business further, it is vital that we uphold the existing philosophy that has made the Division such a success, “Clients come first” and respect for the client relationship is paramount whether the client is large or small”