Montagu sells Equatex to trade for $420m

The sale ends a holding period of around four years for Montagu, which carved the business out of UBS in December 2013.

It will be the ninth realisation made by Montagu IV, a €2.5bn buyout fund that held a final close in April 2011 and was 99% deployed across 14 deals by June 2017.

The transaction was based on EBITDA of $22m from $79m in sales, equating to an exit multiple of around 19x. The acquirer expects to invest a further $47m in one-off costs to achieve synergies of $30m per annum.

Under Montagu's ownership, Equatex has reported compound annual revenue growth of 4.1% and increased its AUM to CHF 40bn.

Previous funding
Montagu agreed to carve Corporate Employee Financial Services International out from USB in December 2013. The deal was completed in March 2015, by which time the business had rebranded to Equatex.

Company
Equatex was formerly the European share plans business of UBS. It provides equity compensation administration services to 160 clients, equating to assets under management of CHF 40bn. The company is headquartered in Zurich and employs 220 people across its six offices.

People
Montagu Private Equity – Pascal Ambrosi (director); Raphaël Candelier (investment director).
Computershare – Stuart Irving (CEO).

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