DH Private Equity's TMF seeks €340m London IPO

Nicole Tovstiga
05 October 2017

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Netherlands-based TMF Group, backed by DH Private Equity Partners, intends to float on the London Stock Exchange in November.

The group is expected to have a free float of at least 25% and has yet to set a price range for its offer. Admission is expected to take place in November 2017.

In July 2008, DH Private Equity (previously Doughty Hanson) bought the business from Silverfleet Capital in an SBO for €750m. The group has completed 18 acquisitions since 2014.

Silverfleet first backed the business in September 2004, in an €80m buyout from SNS Reaal Group.

Founded in 1988, the company is headquartered in Amsterdam and operates 125 offices globally. It offers clients three core services, including accounting and tax, company secretarial and regulatory compliance, and human resources and payroll services. The group recorded revenues of €529m in 2016, with an adjusted EBITDA of €137.6m.

Goldman Sachs International and HSBC Bank are acting as joint sponsors, joint global coordinators and joint bookrunners for the IPO. Barclays Bank and Jefferies International are acting as joint bookrunners.

In May 2017, European private equity house Doughty Hanson rebranded as DH Private Equity Partners. It is currently fundraising for its latest buyout fund, which it registered in June 2017.