Sanne Group Plc’s £55 Million Acquisition of Fund Administration Division from PraxisIFM

Appleby acted for PraxisIFM Group on the sale of its Fund Administration division to Sanne Group plc. Sanne Group, the global provider of alternative asset and corporate services, announced the accretive acquisition of the European fund administration business of PraxisIFM Group Ltd for £54 million.

The Funds Business is one of the leading players in the European listed funds administration sector, which has consistently delivered double digit revenue growth in recent years. This strategically important acquisition augments Sanne’s existing presence in this significant sector, especially for the UK market whilst also deepening its rapidly expanding footprint in Guernsey, the preeminent domicile for European private equity funds.

The transaction adds over 80 employees and more than £25 billion of assets under administration to Sanne, with offices in Guernsey, Jersey, London, Luxembourg and Malta. Sanne and the Funds Business have a close cultural alignment, sharing a strong focus on delivering high quality client service.

The total cash consideration of £54 million is payable upon completion and will be funded from the Group’s existing resources. The Funds Business is expected to deliver revenues of c. £13 million for the year ending 30 April 2022.

The acquisition is expected to complete during Q4 2021, subject to regulatory approvals and is expected to be immediately earnings enhancing.

PraxisIFM is one of the largest and owner-managed financial services groups headquartered in the Channel Islands, providing a wide range of bespoke professional services to private individuals, families, international corporate clients and investment funds.

Sanne Group plc (LON:SNN) delivers tailored fiduciary services to a highly valued international client base through a global network of offices spread across the Americas, Europe, Africa and Asia-Pacific.

In Jersey the Appleby team was led Partner Andrew Weaver (Picture) and Group Partner Christophe Kalinauckas, with support from Kevin McQuillan and Angharad Prescott. In Guernsey Partners Stuart Tyler and Richard Field and Group Partner Richard Sheldon were part of the deal team alongside Christian Victory, a partner in the Cayman team.
Involved fees earner: Richard Field – Appleby; Christophe Kalinauckas – Appleby; Kevin McQuillan – Appleby; Angharad Prescott – Appleby; Richard Sheldon – Appleby; Stuart Tyler – Appleby; Christian Victory – Appleby; Andrew Weaver – Appleby; Law Firms: Appleby; Clients: PraxisIFM;

Author: Giulia Di Palma