ECI exits KB Associates to Waystone for 3.7x

ECI said the exit is a full realisation, delivering a return of 3.7x. 

Since ECI's investment in 2019, KB Associates saw growth in its core management company business, with assets under management growing sixfold to EUR 120bn. 

It also established a presence in Luxembourg by acquiring EFG Fund Management, and in Malta by opening a MIFID investment firm. 

Montagu and Hg acquired Waystone yesterday (24 January), at a valuation of USD 1.3bn, with vendor MML Capital Partners netting 11x money. 

KB Associate's founder, Mike Kirby, will become executive chair, while Andrew Kehoe will become CEO of Waystone. 

Kirby said in a statement that integration into a group with 14 locations globally will allow it to better address complex regulatory and governance issues across multiple jurisdictions. 

Company
KB Associates specialises in management company, governance, regulatory and related consulting services to the asset management industry. It is headquartered in Ireland with offices in London, the Cayman Islands, Luxembourg and Malta. It employs almost 100 consultants and advises 250 international asset managers. 

Advisers
Vendor & Company – Squire Patton Boggs, James Fitzgibbon (legal); A&L Goodbody, Sheena Doggett (legal). 

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• Topics
• UK / Ireland
• Exits
• ECI Partners
• Montagu Private Equity