A platform acquisition in private equity fund administration
TMF Group, a leading provider of high value business services to clients operating and investing globally, has agreed to acquire Gentoo Holdings Limited (Gentoo), a Guernsey and Luxembourg based provider of fund administration services.
Established in 2011, Gentoo performs administration of regulated and unregulated funds, as well as offering depositary services, and a range of corporate and domiciliation services. The company has grown its assets under administration to over $15bn, developing a reputation for excellent service delivery with its many longstanding clients. The management teams in both Guernsey and Luxembourg have extensive fund experience and are supported by a motivated team of 50 staff.
The acquisition of Gentoo represents a key milestone for the development of TMF Group’s private equity and real estate (PERE) offering, a strategic area of growth for the Group. A fast- growing business with an excellent portfolio of clients in its own right, TMF Group will be able to leverage the expertise of the senior management team to expand its PERE offering into other jurisdictions. Gentoo’s clients will also benefit from TMF Group’s broader expertise in SPV administration, and the suite of support services that it can offer to operating companies in over 80 countries around the world.
Nick Degnen, Managing Director of Gentoo, commented:
“This acquisition marks an exciting milestone for our business. Since spinning-out the business in 2011, we have grown from 17 employees to 50, based in Guernsey and Luxembourg. We have enjoyed great support from our clients and backers. Becoming part of TMF Group allows us to offer our clients new services from a wider range of jurisdictions, all the while maintaining our hands-on and client-focused approach.”
Bruno Bagnouls, Global Head of PERE at TMF Group, commented:
“PERE is a key growth area for our business. Gentoo’s expertise and reputation in the market complements our expanding footprint in this sector, and brings a high calibre team with an excellent blue chip customer base. I am delighted that Nick, Christine Whitehorne, Mark Hooton, Alex van Zeeland and Michelle Carvill will form a key part of our combined business, and I look forward to welcoming the entire Gentoo team to TMF Group.”
Completion of the transaction is subject to regulatory approval in Guernsey and Luxembourg. TMF Group will fund the acquisition from existing cash resources; financial terms of the transaction have not been disclosed.
NOTES TO EDITORS
For further information, please contact:
Damian Kerr
Director of Communications, TMF Group
damian.kerr@tmf-group.com
+44 (0)20 7832 8954
About TMF Group
TMF Group helps global companies expand and invest seamlessly across international borders. Its expert accountants, legal, HR and payroll professionals located around the world assist clients with their corporate structures, finance vehicles and investments. With business services offered in more than 80 countries, TMF Group is the global expert that understands local needs.
About Gentoo
The managing directors of Gentoo’s Guernsey office have worked together servicing closed ended funds since 1997, and established Gentoo as an independent company through a spin-out in 2011. In April 2014, Gentoo Depositary Services Limited became the first Guernsey Company to be licensed by the Guernsey Financial Services Commission to act as a non-financial asset depositary under the AIFMD Rules, 2013. In March 2015 the group expanded to Luxembourg through the acquisition of SHRM Financial Services (Luxembourg) S.A., a Luxembourg-based provider of fund administration, corporate and domiciliation services. The Group now employs 50 staff across both jurisdictions, and has assets under administration in excess of €15bn. www.gentoogroup.eu