Inflexion makes 80% IRR on Sanne IPO

Sanne priced its IPO at 200 pence per share, raising £141m in its IPO. Investec Bank was sole adviser and sole bookrunner on the transaction. Inflexion will retain an 11% stake in the company, worth £26m at the IPO price.

Shares are due to start trading on the main market on 1 April.

Inflexion backed the management buyout of Sanne in 2012, via its Partnership Capital team – which would imply that the GP secured a minority stake in the business.

Sanne has since experienced strrong growth, with revenues seeing a compound annual growth rate (CAGR) of 38%, while EBITDA grew by 45% CAGR. This was partly driven by two acquisitions from State Street – one in June 2013, the other in May 2014.

In addition, headcount increased by 80% since 2012, to reach around 300 people.

The IPO allowed Inflexion to reap a 3.7x multiple on its investment. Given the relatively short holding period, IRR reached 80%.

Company
Headquartered in Jersey, Sanne provides corporate governance, financial reporting and administration services to institutional clients. Established in 1988, Sanne has €40bn in assets under administration. It operates offices in the Channel Islands, Luxembourg, London, Dublin, Dubai, Hong Kong, Singapore and Shanghai.

People
Richard Swann and Florencia Kassai led the deal for Inlexion.

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