MJ Hudson business divisions acquired by Apex Group

Unquote sister publication Mergermarket reported in March that Apex was in the final stages of negotiations for the deal, although the firm was reluctant to absorb its legal services unit, according to press reports. 

Although the fate of the company's legal division remains unclear, its former M&A head Andrew Mills has joined UK-based law firm Burges Salmon as a private equity partner in its corporate and M&A team, according to a press release from the law firm.

MJ Hudson listed on the London Stock Exchange's AIM in 2019. Its shares were suspended from trading in December 2022, at which time the company also announced the suspension of its finance director. It had a market capitalisation of GBP 26.69m at the time.

Apex intends to acquire business divisions including ESG, quantitative and Management Company (ManCo) services, as well as investment advisory, custodian bank benchmarking, its Channel Islands fiduciary and fund administration, as well as its investor relations and marketing unit, it said in a press release.

Overall, the acquisitions of these business units will expand the services offered to MJ Hudson's existing customers, providing access to Apex's digital banking, depositary and custody services, according to the same press release.

Apex will aim to deepen its footprint in Europe, particularly with regard to ManCo and fund administration services, consolidating its position in Luxembourg and Ireland, it said.

MJ Hudson's ManCo services in these markets will add approximately EUR 80bn of assets under management to Apex's existing European ManCo offering, delivered via subsidiary brand FundRock, in Luxembourg, the UK and Guernsey, according to the buyer's press release. MJ Hudson's Irish ManCo team will join the Apex Group in Dublin, it said.

MJ Hudson's data and analytics business – including ESG amongst other services – will be added to Apex's existing ESG ratings and advisory offering, which was launched in 2019 and is used by more than 400 GPs & LPs, as well as more than 2,000 portfolio companies in more than 50 countries.

MJ Hudson's Channel Islands fiduciary and fund administration businesses, as well as its investor relations and marketing business units will enhance Apex's existing presence in the region, where it currently employs more than 550 staff members, it said.

Apex is backed by Genstar Capital, TA Associates, Carlyle and Mubadala Investment Company. It currently employs 12,000 people across 38 countries.

This is the latest in a series of strategic acquisitions for Apex Group, including the integration of UK-based fund services providers Sanne Group and Maitland in August 2022 and January 2023 respectively.

Company
MJ Hudson provides advisory services to the asset management industry, specialising in private markets and alternative investments. It provides advisory, outsourcing and analytical services to more than 1,000 clients globally.

People
MJ Hudson − Geoff Miller (chairman).
Apex Group − Peter Hughes (founder & CEO).

Advisers
Acquirer − Rothschild & Co (corporate finance); Kirkland & Ellis International LLP (legal).
Vendor − Alvarez & Marsal (M&A).

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