Sovereign acquires Aquitaine Group, makes two bolt-ons

Harriet Matthews
15 September 2021

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Sovereign Capital Partners has acquired Guernsey-based private client trust and corporate services provider Aquitane Group, simultaneously announcing the company's first two bolt-ons.

Sovereign has backed the acquisitions of Federal Trust and Summit Trust, the GP said in a statement. The add-ons are part of a buy-and-build strategy that aims to develop Aquitaine into a multijurisdictional business.

Sovereign originally backed the company's MBO in December 2020; Federal Trust was acquired in May 2021.

The add-ons have more than doubled the company's headcount, according to a statement. Aquitaine Group now employs around 70 staff.

Following the MBO, Sovereign has appointed Andrew Fisher as non-executive chair and Derek Vaz as CFO.

The deal is to be Sovereign's fourth platform investment of 2021, according to Unquote Data. The GP acquired Belfast-based data analytics and data science service AquaQ in May 2021.

Sovereign is deploying equity via Sovereign Capital IV, which held a final close in 2014 on GBP 395m.

Sovereign is currently on the road for Sovereign Capital V, as reported by Unquote. The GP delayed its fundraising process due to the Covid-19 pandemic, but is now aiming to raise GBP 450m-500m, a source close to the situation told Unquote in March 2021.

Sovereign's recent financial sector investments include its GBP 55m acquisition of independent financial advisory and wealth management business Skerritts in March 2021.

Company
Founded in 2008 and headquartered in Guernsey, Aquitaine provides corporate fiduciary services, as well as private client trust services, which include estate planning and wealth management.

Federal Trust is based in Guernsey, while Summit Trust is headquartered in Geneva with additional operations in the Cayman Islands.

People
Aquitaine Group – Adrian Pickering (co-founder, CEO).
Sovereign Capital Partners – Alex Hay (partner); James Dargan, James England (investment directors); Matthew Rowe (investment manager).

Advisers
Equity – Pinsent Masons, Tom Leman, Joshua Willis (legal); KPMG, Kristan King (financial due diligence, IT due diligence, tax); Alvarez & Marsal, Dafydd Williams, Hugo Keane (tax).