Intertrust provides corporate services, as well as fund, capital market, and private client services via a network of 37 offices in 26 jurisdictions across Europe, the Americas, Asia, and the Middle East.
With more than 600 employees, Elian has 15 offices across the globe, 10 of which overlap with Intertrust.
Acquisition rationale
According to Intertrust, Elian is particularly strong in services for capital markets, having acquired SFM in 2015, and for private equity & real estate fund administration, serving a blue chip client base comprising alternative investment funds, financial institutions, corporate and private clients.
In April 2016, Elian also became only the second company to launch a Jersey Qrops aimed at non-island residents after the island’s pension regime was amended in December 2014.
For the year ending January 2017, Elian is expected to generate revenue of £96m and EBITDA of £36m, representing a compound annual growth rate (CAGR) of 9% and 12%, respectively, since January 2015 (on a pro forma basis).
Strategic pillars
The company further added that the acquisition has a strong strategic rationale, supported by attractive financial metrics and an excellent cultural fit, with approximately 40 of Elian’s management team and key employees re-investing £26m of proceeds into Intertrust shares.
The acquisition of Elian is expected to reinforce Intertrust’s global leadership position, increase diversification across jurisdictions and clients, and align with Intertrust’s three strategic M&A pillars:
- Significantly increases Intertrust’s scale in the UK (London), Ireland and Spain, and further consolidates Intertrust’s market leading positions in Cayman, Guernsey, Luxembourg and the Netherlands;
- Adds high-value complementary services for capital markets and private equity & real estate fund administration; and
- Expands Intertrust’s footprint with the number one leadership position in the attractive jurisdiction of Jersey.
Consolidation continues
David de Buck, chief executive of Intertrust, said: “Consolidation in our industry continues, and the ability of global trust and corporate services providers to acquire high quality companies will determine their success going forward. Against this backdrop, I am especially pleased to announce the addition of Elian to the Intertrust family.
“Our similar cultures and the emphasis both our companies place on integrity and high-value service delivery will form a strong basis for successful integration. The inclusion of Elian’s capabilities and geographic presence will consolidate Intertrust’s position in capital markets and private equity & real estate fund administration, add scale to our operations in several important jurisdictions, and bring us the leadership position in Jersey.
With Elian on board, we will be able to offer more to our clients and investors worldwide. I look forward to working with Elian’s excellent team,” de Buck said.
Improved capabilities
Elian chief executive Paul Willing added: “Our combined service offering and network of offices globally will broaden and strengthen our capabilities to support our clients in all key international business locations. We know Intertrust shares our belief that our people are our most valuable asset.
“The opportunities for career development, as well as the leadership and international mobility programmes will make our tie-up with Intertrust especially interesting for our employees. We are truly creating the global leader in our industry with this transaction – very exciting.”
