AnaCap sells First Names to Astorg's SGG

Nicole Tovstiga
20 December 2017

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London-based private equity firm AnaCap Financial Partners has sold British financial services provider First Names Group to SGG Group, a multi-jurisdictional financial services firm backed by Astorg Partners.

The deal saw AnaCap realise a 2.6x money multiple on its investment. The GP acquired First Names in March 2012 for €84m via its AnaCap Financial Partners II fund. With the fresh capital, First Names acquired Moore Management, a corporate services provider in the funds sector, in 2013. This was followed by the acquisition of the Basel Trust Group in Jersey and Geneva.

In total, the firm completed 15 bolt-ons during the holding period, in line with AnaCap's buy-and-build strategy.

Previous funding
In March 2012, AnaCap agreed to acquire the international division of financial services company IFG Group for €84m. The investment was financed via AnaCap Financial Partners II.

French GP Astorg bought Luxembourg-headquartered SGG from Belgian investment firm Cobepa in 2015.

Company
Formerly the international division of British financial services provider IFG Group, First Names is headquartered in Dublin. It works with client and professional advisers to administer trusts, companies and foundations, as well as providing fund administration services.

First Names employs a staff of 700 and spans jurisdictions including the British Virgin Islands, Ireland, Switzerland, Cyprus, Guernsey, Jersey, the Isle of Man, Luxembourg, the Netherlands, Japan and the UK.

People
AnaCap Financial Partners – Edward Green (managing director).
First Names Group – Mark Pesco (CEO).
SGG Group – Serge Krancenblum (CEO).

Advisers
Vendor & company – Lazard (M&A).