General Atlantic takes minority stake in FNZ

The deal represents a partial exit for HIG, which will continue to hold a substantial stake in the company.

The new equity will support the expansion of FNZ. The deal is still subject to approval from the European competition authorities.

Previous funding
HIG had facilitated a management buyout of FNZ in January 2009. The deal was valued at <€25m. Since the MBO, the company's assets under administration on behalf of its clients have increased from £4bn to more than £21bn.

Company
FNZ is a London-based provider of technology, transaction and custody services for the financial services industry. 

The company has offices in the UK, Australia, New Zealand and the Czech Republic, and employs 650 staff.

People
John Bernstein, managing director, led the deal on behalf of General Atlantic. Adrian Durham is CEO of FNZ.

Advisers
Equity – Weil Gotshal & Manges (Legal); Deloitte (Corporate finance).
Company – Kirkland & Ellis (Legal). 

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• Topics
• UK / Ireland
• Financials
• Buyouts
• HIG Capital