ECI takes minority stake in KBA

Katharine Hidalgo
07 October 2019

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ECI Partners has agreed to take a minority interest in business support services provider KB Associates.

The firm drew equity for the deal from its ECI 11 fund, which closed on £700m in July 2018 and was 31% deployed as of August 2019. The GP writes cheques of around £45m per deal from the fund.

A spokesperson for the firm told Unquote that the deal was sourced through ECI's business and financial services marketing strategy.

The company's current management team have retained a majority stake in the company and will continue to lead it.

Following the transaction, KBA will continue to internationalise and expand its service offering, while increasing headcount. The transaction is expected to close in the first quarter of 2020.

Company
Founded in 2003 and headquartered in Dublin, KBA offers management, governance and compliance services to investment funds and asset managers. The company also operates offices in London, New York and the Cayman Islands and employs 60 people.

People
ECI Partners – Michael Butler (investment director).
KB Associates – Mike Kirby (managing principal).

Advisers
ECI Partners - PwC Corporate Finance (corporate finance); Squire Patton Boggs (legal); Alvarez & Marsal (financial due diligence).