Tag Archives: Financial services

CBPE completes sale of Perspective

CBPE

CBPE is pleased to announce that it has completed on the sale of Perspective to Charlesbank, a US middle-market private equity firm, generating a return of 5.4x MoC for Fund IX.

CBPE is pleased to announce that it has completed on the sale of Perspective Financial Group Limited (“Perspective”) to US middle-market private equity firm Charlesbank Capital Partners LLC (“Charlesbank”).

During CBPE’s investment the business has grown significantly from £2.6bn to £8.0bn of assets under management through a focused buy-and-build investment strategy, supported by strong organic growth. Perspective has completed or exchanged on 54 acquisitions since CBPE invested. These have been fully integrated into the group, ensuring consistently high standards of advice whilst enabling all acquisitions to benefit from the significant investments that have been made in central support functions and technology.

The transaction completed on 8 May 2024 following regulatory approval from the FCA. The sale to Charlesbank represents a money multiple of 5.4x CBPE’s original investment in Perspective.

This exit marks the sixth realisation for CBPE’s 2016 vintage Fund IX with a weighted average return across these six exits of 5.1x MoC.

 

We have been delighted to partner with a strong management team at Perspective. The business has developed and grown significantly in its first round of institutional investment, whilst sticking to founding principles, which is exactly the type of journey CBPE looks to support. We take immense pride in what we have achieved together and wish the team the best of luck in the exciting next stage with Charlesbank.

Richard Thompson, Partner
CBPE

 

CBPE’s investment in Perspective was led by Richard Thompson and Harry Hewlett with support from Rachel Milton.

CBPE were advised by: Houlihan Lokey (Corporate Finance), Mayer Brown (Legal), Deloitte (financial, operational and tax diligence), LEK (commercial diligence), Thistle Initiatives (regulatory diligence) and Crosslake (IT).

Categories: News

Tags:

TP Tuned and Vortex form strategic partnership to drive next phase of growth

Vortex

msterdam, 5 august 2024 – TP Tuned, a boutique specializing in transfer pricing automation based in Amsterdam, has entered into a partnership with the investment firm Vortex Capital Partners. Vortex will support TP Tuned’s ambition to become the leading provider of transfer pricing documentation services and software. Vortex will assist in expanding the company’s offerings across global markets.

 

TP Tuned was established in 2015 to address the need of large multinationals for a more efficient approach to transfer pricing, with a particular focus on automating transfer pricing documentation. Transfer pricing regulations aim to ensure that multinationals report a fair amount of profits in the countries where they operate. To evidence that profits are allocated fairly, multinationals are required to prepare complex annual documentation, involving significant time and costs.

 

TP Tuned enables the automated preparation of complete, consistent, and locally compliant transfer pricing documentation. The company with its 20 team members serves many multinationals around the globe, including companies such as TomTom, Stahl, Avnet, Ravago and Stanley Black & Decker. Together with Vortex, which will become a majority shareholder alongside management, the company plans to invest significantly in expanding its business internationally—both organically and potentially through new acquisitions. Additionally, TP Tuned aims to continue enhancing its proprietary software with additional functionalities.

 

Lennart van den Kommer, CEO of TP Tuned, is enthusiastic about the partnership: “TP Tuned has a proven offering and a loyal customer base. Together with Vortex, we can serve more clients in additional countries and expand our software offering. Vortex brings extensive experience and expertise that will support our growth. I am excited to collaborate with the Vortex team and look forward to this next phase of growth.”

 

Evert Jan de Groot, Managing Partner at Vortex, is excited about the collaboration: “The proprietary software, combined with TP Tuned’s deep knowledge of transfer pricing, makes the company both relevant and appealing. Over the years, TP Tuned has proven to be a valuable partner for its international clients. We are eager to collaborate with the TP Tuned team to support their continued growth in the coming years. Our strategy is to leverage this partnership to drive innovation and broaden our international presence, ensuring that TP Tuned remains at the forefront of the industry.”

Share this article:

Categories: News

Tags:

AXA Venture Partners’ (AVP) leadership team acquires AXA’s stake in AVP, ushering in a new chapter for AVP as an independent private investment company.

AXA

Press release, Paris, August 1st, 2024

Today AXA has announced that it has entered into an exclusive negotiation to sell AXA Investment Managers to BNP Paribas. In this context, AXA has accepted an offer from AVP’s management team to acquire AXA’s 70% interest in AVP through a management buyout. This marks the next chapter for our firm, which was founded in 2016.

In this context, this transaction represents the natural evolution of AVP. AXA has supported AVP since the beginning of its journey in 2016 and AVP will strive to maintain and build its close relationship with AXA going forward.

Following this transaction, AVP will change its name but will maintain its investment expertise and performance-driven culture, ensuring continued outstanding service and performance for its limited partners.

“Today marks an incredible milestone for AVP and its team, and we feel both humbled and excited by this opportunity. The AVP leadership team and I will acquire a majority stake in AVP which will allow us to write an exciting new chapter for the firm. Most importantly, we would like to thank AXA for the continuous support since the inception of AVP in 2016. This incredible support has been instrumental in our development and success, and we will always be grateful for the trust put in us. Of course, we will aim at continuing and developing further these strong relationships going forward. With this management buyout, we will become fully independent. The new structure will ensure continuity for our investors and the entrepreneurs we back, will foster an entrepreneurial spirit among our team, and will continue to put performance at the heart of our operations. Our management team is incredibly excited to continue the journey and accelerate our story with our clients and stakeholders,” stated Francois Robinet, Managing Partner AVP. “At AVP, nothing is more important than the team. In the past 8 years, we have reinforced our leadership team by regularly adding new partners. This is the reason why we now feel strong enough to acquire our company and pursue its next phase of development. I am very grateful to work with such a talented, diverse and complementary team, and I am confident that we are embarking on an exciting and successful journey together.”

The proposed transaction will allow AVP to continue its development as an independent firm specializing in high-growth technology companies. We expect no changes in our various funds and investment strategies. We look forward to continuing to support both our existing and future portfolio companies as well as our funds.

AVP is today a global investment firm managing more than €2 billion of assets across four investment strategies: venture, growth, late stage, and fund of funds, operating in Europe and in the United States. Since its establishment in 2016, AVP has invested in more than 60 technology companies in the venture and growth stages and in more than 60 funds with the Fund of Funds investment strategy. Beyond providing equity capital, AVP also supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth.

The proposed transaction is subject to the necessary regulatory approvals and is expected to be finalized before 31st December 2024.

For more information, visit axavp.com

Contact details
AVP – Sébastien LOUBRY: sebastien@axavp.com / + 33 6 15 31 61 68

Categories: News

Tags:

SD Worx signs an agreement for the acquisition of F2A from Ardian

Ardian

Ardian, a world-leading private investment house, and SD Worx, one of the main European HR and payroll solutions providers, have reached an agreement for the sale of F2A, the leading Italian HR and payroll solutions provider controlled by Ardian since February 2016. With this transaction, SD Worx will expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

More than 1,200 experts of F2A support 6,000 customers across two business units: HR & payroll (c. 85% of revenues) and Finance & Accounting (c. 15% of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding service offering and reaching an important position in Italy.

“We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential. Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France & Head of Expansion

“Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company’s next chapter.” Marco Molteni, Managing Director Expansion, Ardian

“Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business.” Kobe Verdonck, CEO of SD Worx

“Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors. I am personally enthusiastic to embark on this new chapter in F2A’s history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.” Raul Mattaboni, CEO of F2A

Following regulatory approvals, SD Worx will acquire 100% of the shares of F2A.

The price of the transaction will not be disclosed.

Participants

  • Ardian

    • Ardian has been advised by Mediobanca (M&A), PedersoliGattai (legal), Gitti (tax), PwC (financial) and Endava (Tech).

  • SD Worx

    • For this transaction, SD Worx has been supported by EY (financial), EY Parthenon (commercial), Linklaters (legal) and WTW (insurance).

ABOUT SD WORX

SD Worx delivers HR solutions across the entire employee lifecycle, from paying employees to attracting, employing, rewarding and developing the talent who make businesses succeed. SD Worx powers performance through four core capabilities: software, outsourcing, consultancy and data-driven insights. SD Worx is the trusted leading European provider of end-to-end HR solutions for all organisations and workers. About 90,000 small and large organisations across Europe place their trust in the company and its +75 years’ worth of experience. SD Worx calculates the salaries of approximately 5.7 million employees and ranks among the top five worldwide.

sdworx.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last

ardian.com

ABOUT F2A

F2A is the leading provider of tech-enabled services in the HR and F&A sectors in Italy. By placing constant technological research at the core of its services, F2A responds flexibly to the evolving demands of its customers. F2A listens to the needs of corporate top management and offers innovative solutions and high-performance services to support clients’ growth in a market characterized by continuous change. With over 1,200 professionals, F2A serves nearly 6.000 customers, offering support tailored to their specific needs and fostering solid, long-lasting, reliable, and positive relationships.

f2a.it

Press contacts

ARDIAN

Image Building

ardian@imagebuilding.it02 89011300

SD Worx

Lewis PR Belgium Lynn Van de Velde

lynn.vandevelde@teamlewis.com

Categories: News

Tags:

Carlyle And KKR Strategic Partnerships Agree To Acquire Approximately $10.1 Billion Prime Student Loan Portfolio From Discover Financial Services

KKR

NEW YORK–(BUSINESS WIRE)– Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) today announced that one or more strategic partnerships comprised of funds and accounts managed by Carlyle and KKR’s respective credit businesses have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services (NYSE: DFS).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240717003713/en/

“This acquisition highlights Carlyle’s proven expertise in private student loans and asset-backed finance, demonstrating our Global Credit business’s ability to provide scaled, tailored solutions to meet our clients’ dynamic needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “As the lending space evolves, we believe private markets are well-positioned to offer financial institutions increased flexibility amidst this transformation.”

“We are pleased to leverage our scale, deep experience in ABF investing and capital markets capabilities to be a capital solutions provider of choice to financial institutions that are focusing on optimizing their balance sheets,” said RJ Madden, a Managing Director at KKR. “This transaction demonstrates the value that scaled private lenders can bring to key areas of the economy as the priorities of traditional lenders continue to evolve.”

“We’re very pleased to consummate this transaction with two outstanding strategic partners in Carlyle and KKR,” said Dan Capozzi, Executive Vice President and President of Consumer Banking at Discover. “This agreement represents an important milestone in our journey to simplify our operations and business mix.”

Carlyle’s investment in the portfolio was led by its Credit Strategic Solutions (“CSS”) team, a group within its Global Credit business focused on asset-backed investments. The highly experienced team seeks to leverage the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

KKR’s investment in the portfolio comes primarily from its asset-based finance strategy and other credit vehicles and accounts. KKR has made more than 80 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $54 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

The transaction is expected to close by the end of 2024 subject to customary closing conditions.

KKR Capital Markets and TCG Capital Markets structured and arranged the debt for the transaction. Monogram LLC, a portfolio company of Carlyle, will serve as portfolio manager for the student loan portfolio. Firstmark Services, a subsidiary of Nelnet, Inc. will service the loans in the portfolio. Sidley Austin LLP served as legal advisor to KKR and Carlyle. Paul Hastings LLP also served as a legal advisor to Carlyle and Clifford Chance LLP also served as a legal advisor to KKR. Wells Fargo served as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Discover Financial Services in connection with the transaction.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Discover Financial

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

Media Contacts:
For Carlyle:
Kristen Ashton
212-813-4763
Kristen.ashton@carlyle.com

For KKR:
Julia Kosygina
212-230-9722
media@kkr.com

For Discover Financial:
Matthew Towson
224-405-5649
matthewtowson@discover.com

Source: KKR

 

DOWNLOAD PDF

Categories: News

Tags:

Aquiline Capital Acquires Majority Stake in Isio Group

Aquiline

LONDON, July 2, 2024 /PRNewswire/ — Aquiline Capital Partners LP (“Aquiline”), a private investment specialist in financial services and related technologies, has agreed to a majority investment in Isio Group Limited (“Isio”), one of the fastest growing pensions, reward and benefit and investment advisory businesses in the UK.

Since Isio was launched in 2020 it has undergone four successive years of double-digit organic growth and continues to gain market share. It has completed two acquisitions which expanded the company’s scale, geographical footprint, and range of services. Isio is now one of the UK’s largest retirement advisory businesses, with 1,200 employees and 10 offices across the UK.

Aquiline is well-established as an investor in the global retirement and wealth management services sectors. In the UK, Aquiline has invested in Smart Pension, the global pension software and solution provider, Wealth at Work, the provider of workplace financial education, guidance and advice and Landytech, the private markets investment management technology provider, among others. In addition, Aquiline has invested in Ascensus, the US’s largest provider of independent retirement and college savings services, Mirador, a tech-enabled middle office solution for private markets investors and SageView, a registered investment advisor serving retirement plan sponsors and individuals.

Aquiline’s investment will support Isio’s growth strategy of innovation by expanding its core services and growing adjacent practices, including rewards & benefits, investment advice and private capital. This will be achieved through a combination of targeted M&A to build additional service lines and advisory capabilities, and by attracting new talent to the business.

Aquiline is acquiring its majority shareholding from Exponent Private Equity LLP, who have backed Isio since its carve out. Isio’s management team will continue to retain a significant minority investment.

Igno van Waesberghe, Managing Partner at Aquiline, said: “We are delighted to be investing in Isio. It operates in sectors where we have extensive experience and deep networks.

“Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner. We have been particularly impressed by the depth of their expertise in creating better outcomes for clients. It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio’s management team to continue to develop their offering, diversify the business, and support them in further accelerating growth.”

Andrew Coles, Isio’s CEO, said: “This new investment from Aquiline will enable us to continue the journey of bringing high quality service and better outcomes to our clients. Key to this is having a culture that appeals to the best talent in the sector with long-term, high quality career opportunities. I am personally excited about the future and look forward to continuing to lead Isio in its next phase of evolution and growth.”

The transaction is subject to standard regulatory approvals.

Aquiline were advised by RBC Capital Markets and Herbert Smith Freehills LLP. Exponent and Isio were advised by Evercore (financial adviser) and Macfarlanes (legal adviser). Isio’s management were also advised by Liberty Corporate Finance and Proskauer.

Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com

About Isio

Isio is a leading independent UK provider of actuarial & consulting, pensions administration, investment advisory, employee reward & benefits and wealth advisory services. With a national team of 1,200 people across ten UK offices, Isio is committed to promoting financial wellbeing for all and works with companies, trustees and individuals to help them make informed decisions to protect their financial future.

For more information about Isio, please visit www.isio.com

About Exponent

Established in 2004 with a presence in London, Dublin and Amsterdam, Exponent is a leading private equity firm. The Firm invests in mid-market companies headquartered across Europe (UK, Ireland, Benelux and Nordics). Exponent has a distinctive approach, central to which is identifying the potential in corporate, family or founder owned businesses.

Exponent has raised more than €3 billion to date. A selection of Exponent’s current and past investments include market leading businesses such as Trainline, Moonpig, Ambassador Theatre Group, H&MV, Xeinadin and Quorn Foods.

Exponent has been investing in corporate carve out deals since its inception, with the acquisition of TES from News Corporation in 2005. In recent years the Firm has acquired Enva from DCC plc in 2017, SHL from Gartner, Inc. in 2018, Gü from Noble Foods in 2021 and most recently, in 2023, Natara from International Flavors and Fragrances, Inc.

Categories: News

Tags:

Rabo Investments proudly announces the investment in Hawk, a pioneer in combatting financial crime.

Rabo Investments

Hawk is a leading provider of AI-powered technology, enhancing fraud prevention and combatting anti-money laundering. Hawk’s solutions enable financial institutions to increase the effectiveness of financial crime detection and fraud prevention capabilities whilst maintaining regulatory compliance. The recent funding round will further accelerate Hawk’s international growth, as demand for AI-powered anti-financial crime technology soars. Rabo Investments is joining existing investors BlackFin Capital Partners, Sands Capital, DN, Picus and Coalition.

On Hawk

Hawk, founded in 2018, has rapidly scaled globally and currently monitors and screens billions of transactions worldwide. The company’s explainable AI approach has proven to be a game-changer in the industry, enabling financial institutions to drastically reduce false positive rates compared to traditional anti-money laundering solutions, while also detecting more unseen and novel crime. Hawk’s modular solution can either enhance or replace traditional rules-based systems with AI-powered transaction monitoring, payment screening, KYC, and fraud prevention in real-time to deliver greater accuracy and reduced noise.

Rabobank has been working with machine learning applications in FEC already for many years. What impressed us most about Hawk is that they’re delivering compelling results using explainable AI. Their advanced screening, detection and monitoring capabilities align very well with our mission at Rabo Investments Corporate Venturing to build a more secure and robust financial ecosystem. We are pleased to join Hawk as a shareholder to effectively combat global financial and economic crime.

Categories: News

Tags:

CBPE-backed BKL joins forces with Wilson Wright

CBPE

BKL is a top 50 accountancy firm and Wilson Wright is a leading City of London based accountancy firm. Both firms specialise in supporting fast-growing owner-managed businesses, SMEs, entrepreneurs and high net worth individuals by providing specialist accountancy, tax and business advisory services.

The two firms have a long history of working together and have built a strong relationship over many years. As a result of this deal, the combined business will have two well-established bases in London: BKL’s office in North London and Wilson Wright’s office in Central London. Together they will have a team of over 400 people, including 39 partners, and a combined turnover of £46 million.

BKL has been on an ambitious growth path since partnering with leading private equity investors CBPE in April 2023. This deal comes on the back of three successful BKL mergers in the past year: chartered accountants Landau Baker, virtual finance team specialists CFPro and chartered accountants Alan Heywood & Company.

It’s very exciting to share news of this new chapter for BKL and Wilson Wright. Our discussions, which were incredibly positive from the start, have confirmed how much we have in common: our supportive cultures, our values, the quality of our clients and the excellence of our teams. This is a significant next step for both our businesses. I’m looking forward to everything we’ll achieve together as we continue investing in our people and our clients.

Lee Brook, CEO
BKL

At Wilson Wright we have been exploring the best way to continue to develop and future-proof our business so that we can further enhance our client offering. We have known BKL for many years, and we share their ambitions for the future. Their purpose, drive, and desire to ensure they remain a responsible employer resonate strongly with us. It became clear from an early stage in our discussions that our two organisations are very much aligned, and we are looking forward to coming together as one team. We are excited about the possibilities that lie ahead for both of our teams to learn from each other, develop a stronger offering and add increased value to our clients.

Adam Cramer, Managing Director
Wilson Wright

Having partnered with Lee and the BKL team a year ago, we are delighted for Adam and the Wilson Wright team to be joining us on the next stage of the journey. It is clear that both firms share a strong employee culture and values, with a commitment to quality that results in exceptional client service. The SME accountancy market is going through a period of transition, and together the firms are ideally placed to capitalise on the exciting opportunities this presents for both colleagues and clients.

Adam Richardson, Director
CBPE

About BKL

BKL is a top 50 firm of chartered accountants and tax advisers based in North London.

BKL specialise in helping owner managed businesses, entrepreneurs, high net worth individuals and families. Their clients benefit from deep expertise in many sectors, including property, construction, financial services, not-for-profit, and music, media, sport & entertainment.

BKL’s services include tax consultancy, audit, assurance, accounts, corporate finance, outsourcing, payroll, private client advice, and a growing number of consulting services, including commercial finance, IT, and sustainability.

In April 2023 BKL took private equity investment from CBPE. Since then, BKL has completed three acquisitions: Landau Baker, academy specialists; CFPro, virtual finance team specialists; and Alan Heywood & Company, a music, media & entertainment sector firm of accountants.

BKL is committed to growing in a sustainable way. As a certified B Corporation (B Corp), they are verified as a business that acts with consideration for people, planet and purpose, not just profit.

Last year, BKL won Best Employer in Tax at the Tolley’s Taxation Awards 2023, and Tax Team of the Year at the Accounting Excellence Awards 2023.

About Wilson Wright

Wilson Wright is an accounting, tax and business advisory firm based in the City of London with origins that go back over 130 years. Many of their client relationships span generations and decades.

Being a longstanding and active member of DFK International, a worldwide association of independent member firms, enables the team to deliver international and cross-border advice to their clients.

Traditionally an accounts, assurance and audit-focused firm, in the last decade they have developed a range of highly specialised tax services including, international and national tax structuring, tax risk and dispute resolution and tax transactions.

Wilson Wright’s client base includes high net worth individuals, international sports personalities, renowned entrepreneurs, sole traders, and multinational groups. Their sector expertise ranges from fast-growing technology and environmental start-ups to family offices, property, professional services, charities, sport, media, and the arts.

Wilson Wright is recognised and ranked in Chambers & Partners High Net Worth Guide for Accountants and Tax Advisers, ePrivateClient Top Accountancy Firms, and as a Tolley’s Taxation Awards finalist in 2023. They were also listed in the Sunday Times Best Places to Work 2023.

Wilson Wright is proud to be a people-centric, proactive, professional advisory firm, where heritage, trust and partnership are at the heart of what they believe in. Their culture fosters a close-knit environment that provides support, guidance and the motivation required to deliver complex and exceptional work for the benefit of clients.

About CBPE

CBPE is a leading UK private equity firm which pursues a disciplined and consistent investment strategy, targeting buy-outs and development capital investments in UK-headquartered businesses with enterprise values up to £150 million. Since 2000, CBPE has made over 60 such investments from five funds.

BKL represents one of eight investments out of CBPE Fund X, which closed at the hard cap of £561m in November 2020.

For more information, please get in touch with Adam Richardson.

adam.richardson@cbpe.com

Categories: News

Tags:

FinFit & Salary Finance U.S. Announce Merger, Creating America’s Leading Workplace Financial Wellness

Senahill

VIRGINIA BEACH, VA, April 5, 2023 / PRNewswire / — With nearly 50 percent of U.S. workers reporting financial stress, FinFit and Salary Finance U.S. today announce their merger, to better support the financial needs of working Americans. Both companies have been part of the rapidly growing market of financial wellness employee benefits offered through the workplace, as demand has skyrocketed post-pandemic and due to inflation-driven cost of living challenges.The merged organization will service over 500,000 U.S. employers and over 10 million U.S. employees, in employers ranging in size from 4 employees to 400,000 employees, including household name brand employers like Tesla, Allied Universal, and United Way, and through an exclusive partnership with the payroll provider, Paychex.

The combined organization will operate under the FinFit brand, with the updated platform including Salary Finance U.S.’s financial wellness products. With these additions, FinFit’s SaaS-based platform will be the most comprehensive workplace financial wellness platform in the U.S., including a personalized financial assessment, coaching and dashboard, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances, and loans.

FinFit CEO and Founder David Kilby will continue to lead the combined organization, and Salary Finance’s Co-Founder Asesh Sarkar will serve as President.

David Kilby, CEO of FinFit commented, “The post-pandemic world has been tumultuous for the American worker – from inflation to rediscovering a new work-life blend. Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes. We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health. Our organizations share this vision, and our combined capabilities and scale will ensure we will deliver on our core values to build financial wellness opportunities for all.”

The merger comes at a time when there has never been more emphasis from businesses to create wellness programs for employees and, in particular, wellness programs that focus on the financial stress and pressure today’s worker feels. According to the most recent research data from FinFit and Salary Finance U.S., which will be released later this spring, 49 percent of U.S. workers are feeling financial stress. A majority, 70 percent, are worried about a recession impacting them, and 61 percent say they have less cash on hand now than they did a year ago. Financial stress in the workforce leads to ineffectiveness at work, troubled relationships, and a drop in productivity, creating a compelling financial and moral case for employers to act.


Asesh Sarkar, Salary Finance Co-Founder and President of FinFit, commented, “Our mission at Salary Finance has been consistent from day one: to help millions of employees around the world become financially healthier and happier. This merger accelerates our path forward and allows us to serve clients and their employees with a more holistic set of benefits. I am excited to be working with David and the combined team as we move to the next stage of our journey.”

Clients of Salary Finance U.S. and FinFit will continue to be served as they are today, with details of the option to upgrade to the new FinFit platform to be shared soon.

About FinFit: FinFit was established in 2008 and currently services over 500,000 organizations across the United States. The company’s SaaS-based model provides holistic financial wellness services that include a personalized financial assessment, premier educational resources, online money management tools, financial coaching, financial solutions, early wage access, spending and savings accounts, student loan services, and a member rewards program. Focus on creating positive, healthy financial behaviors and products to support behavioral change has proven to reduce financial stress and increase employee retention by more than 25%.

View source version on prnewswire.com: prnewswire.com/news-releases/finfit-and-salary-finance-us-announce-merger-creating-americas-leading-workplace-financial-wellness-platform-301790725.html

Categories: News

Tags:

Grant Thornton to accelerate business strategy with investment from New Mountain Capital

New Mountain Capital

Investment will add scale, resources and agility to solidify Grant Thornton as the industry’s platform of choice

CHICAGO and NEW YORK, March 15, 2024 — Grant Thornton LLP, one of America’s leading providers of audit and assurance, tax, and advisory services, and New Mountain Capital, LLC, a leading growth-oriented investment firm with approximately $50 billion in assets under management, today announced a significant growth investment to accelerate Grant Thornton’s business strategy.

Grant Thornton has a long track record of providing clients with the highest quality, differentiated services and is operating with significant momentum, having generated record revenues for its fiscal year ending July 31, 2023. In recent years, the firm has successfully implemented a business strategy featuring meaningful investments across its core business segments, as well as enhanced client centricity, personalized services and quality. Grant Thornton is fueling its strategy by offering dynamic professional-development paths and a singular culture that attracts and retains talented team members.

“Our partnership with New Mountain Capital empowers Grant Thornton to deliver transformational, high-quality outcomes for our clients, our talented team members and the industry as a whole,” said Seth Siegel, CEO of Grant Thornton. “The investment immediately enhances our value in the marketplace and enables us to accelerate our current strategy. We’ll enjoy greater scale, resources and agility, while better positioning the firm to make targeted investments in talent, technology, infrastructure and enhanced capabilities. Grant Thornton will further solidify our position as the industry’s platform of choice.”

Andre Moura, managing director at New Mountain Capital, said, “We have been deeply impressed by the Grant Thornton team, and in our research, Grant Thornton ranked at the highest levels in the U.S. as measured by the quality of its work product and the satisfaction of its clients, even at a much lower price to clients.  Grant Thornton’s unique culture drives the exceptional service the firm provides its clients, and we look forward to working with Grant Thornton to invest further in technology and automation, talent and new service line capabilities to achieve rapid growth — while maintaining an unwavering focus on quality and client experience.”

“We are thrilled to support Grant Thornton as it advances its superior, technology-enabled audit, tax and advisory services platform. Grant Thornton offers its clients a compelling value proposition and we look forward to helping the firm expand its service offerings and execute on strategic acquisitions to continuously grow its platform,” added Nikhil Devulapalli, managing director at New Mountain Capital.

Siegel cited Grant Thornton’s upcoming 100-year anniversary as a companion milestone to its partnership with New Mountain Capital: “We take great pride in our many accomplishments over the past century, and partnering with New Mountain Capital will ensure that we fully capitalize on the compelling opportunities that will define our next century. They share our standards and our vision, and together we will reshape the industry landscape, while enhancing Grant Thornton’s value proposition for our full range of stakeholders.”

The transaction is subject to regulatory approval and other standard closing conditions. Following the closing of the transaction, which is expected in the second calendar quarter of 2024, Grant Thornton will operate in an alternative practice structure: Grant Thornton LLP, a licensed CPA firm, will provide attest services — and Grant Thornton Advisors LLC will provide business advisory and non-attest services. The purpose-built structure will ensure the highest possible client service and an unwavering focus on quality.

Deutsche Bank Securities Inc. is serving as sole financial adviser to Grant Thornton. Dechert LLP and Vedder Price P.C. are serving as legal advisers to Grant Thornton. Mayer Brown LLP is acting as legal adviser to Grant Thornton’s Partnership Board. Simpson Thacher & Bartlett LLP and Hunton Andrews Kurth LLP are serving as legal advisers to New Mountain Capital.

About Grant Thornton LLP

Grant Thornton LLP (Grant Thornton) is one of America’s largest audit, tax and advisory firms — and the U.S. member firm of the Grant Thornton International Ltd global network. We go beyond the expected to make business more personal and build trust into every result. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and almost 50 offices nationwide, Grant Thornton is a community of more than 9,000 problem solvers who value relationships and are ready to help organizations of all sizes and industries create more confident futures. Because, for us, how we serve matters as much as what we do.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit https://www.newmountaincapital.com/.

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.

Grant Thornton

Jon Rucket
T   +1 404 984 6249
E    jon.rucket@us.gt.com

Daniel Yunger / Nathan Riggs

E Kekst-GT@kekstcnc.com

New Mountain Capital

John Eddy
T   +1 646 660 8648
E    john@goldinsolutions.com

Categories: News

Tags: