Sovereign Capital-backed IMS merges with HedgeOp

Lloyds TSB Corporate Markets Acquisition Finance provided debt for the transaction.

The deal is part of IMS's strategy to expand into the US market. Following the transaction, the group will increase its global compliance services through HedgeOp's compliance software subsidiary EvenWheel Solutions. IMS is looking to grow its expertise in advising clients on upcoming regulatory changes.

In December 2010 Sovereign Capital acquired The IMS Group for £15m through its Sovereign Capital Limited Partnership Fund III.

Company
London-based IMS was established in 1997 and employs more than 60 people. It generated a turnover of £4.7m in 2010. The business offers financial services for the asset management and securities industry.

The combined group will run offices in New York, Boston and San Francisco and have a staff of more than 100. The firm is currently servicing around 700 investment management firms globally. The headquarters will remain in London.

People
Neil Cox, Luke Kingston and Matthew Owen worked on the deal for Sovereign Capital.

Advisers
Equity – Liberty Corporate Finance, Stephen Thomson (Corporate finance); Pinsent Masons, Tom Leman (Legal); Covington & Burling, Kristian Wiggert (Legal); Deloitte, John Charlton, Debbie Griffiths (Financial due diligence, tax); Ernst & Young, Harry Nicholson (Commercial due diligence); Willis Group, Jon Armstrong (Insurance due diligence).

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• Sovereign Capital