Silverfleet-backed Microgen merges with Touchstone

Silverfleet backed the merger with equity from the Silverfleet European Development Fund, which held a first close on €110m in August 2018. The fund acquired Microgen in May 2019 from Aptitude Software Group for £51m.

The financing mainly came from additional equity rather than from debt.

Microgen has acquired shares in Touchstone Wealth Management from its parent company Touchstone Group. Keith Hale is joining as executive chairman to run the combined group and will work with both management teams, while each brand will continue to operate separately. The company will have a combined workforce of 150 people, with offices in Jersey, Guernsey, Cyprus, Singapore, Australia and the UK.

Company
Founded in 1997, Touchstone Wealth Management offers software and consultancy services to the asset management industry. Based in St Helier, the company also operates in Sydney and Singapore and employs 50 people.

People
Silverfleet Capital – David MacKenzie (partner).
Microgen/Touchstone Wealth Management – Keith Hale (executive chairman).
Touchstone Wealth Management – Keith Birch (CEO).

Advisers
Acquirer - Eversheds Sutherland (legal); Carey Olsen (legal); Thomson Geer (legal); BDO (financial due diligence); Cloud Origin (IT due diligence).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Build-up
• Buy-and-build
• Silverfleet Capital