Intertrust draws interest from Apex Group

Intertrust revealed on 22 November that it had received "multiple" expressions of interest from third parties following an earlier report by Mergermarket that talks with CVC could smoke out interlopers.

Discussions now involve at least two other bidders in addition to CVC, as reported by Mergermarket.

The rival approaches took place after Intertrust unveiled an exclusivity agreement with CVC on 12 November over a EUR 18 per share cash offer. Each of these parties has submitted a conditional and non-binding proposal in relation to an indicative cash offer ranging up to EUR 22 per share, Intertrust said in its statement on Monday.

Bermuda-based Apex is backed by private equity houses Genstar Capital, which acquired the business in 2017, and TA Associates, which made a significant minority investment in the business earlier this year. It also has Carlyle and Mubadala Investment Company among its shareholders.

Apex is in the process of delisting Channel Islands-based Sanne Group for GBP 1.51bn at a multiple close to 30x 2020 EBITDA.

Apex and Intertrust declined to comment.

Appetite for corporate and fund administration businesses has picked up in recent months in light of institutional and wealthy investors shifting their attention to alternative forms of capital, such as private equity and real estate.

Baring Private Equity Asia is weighing options for a sale of trust and custodial services provider Vistra Group, in a further sign of growing demand for companies that support the financial services industry, as reported. The Hong Kong-based fund has engaged in bilateral talks with Warburg Pincus in recent weeks about a potential transaction, sources said. Deliberations are at an early stage and Baring could decide to keep the business, they added.

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• Topics
• Buyouts
• Financials
• Benelux
• CVC Capital Partners
• Mergermarket
• Fund administration