Ipes

In September 2008, we led the £25 million management buyout of Ipes, a leading provider of outsourced fund administration services, from its original founder.

We recognised that the management team, led by Chief Executive Kevin Brennan, had developed an attractive and innovative business with an unparalleled reputation for service and excellent potential for further organic growth in an attractive niche market. Our depth of sector understanding, consistency of approach and track record in generating value in the services sector were important factors in winning the mandate to work with the team. In addition, we were able to differentiate our proposal by offering to underwrite the debt required for the deal at completion, subsequently selling down to Lloyds TSB bank.

There’s no undermining or back-door chat – everything is open, and there’s a lot of trust at RJD.Richard GraingerChairman, Ipes

Against a backdrop of very challenging debt markets and a resulting lack of liquidity, Ipes received several competing indicative financing offers – a reflection of the robust cashflow and strong reputation of the business. Two months after the buyout in November 2008, a debt refinancing was completed, comprising new senior facilities of £10 million.

Ipes, founded in Guernsey in 1998 with just five people, has now grown to over 130 people strong with offices in London, Luxembourg, Jersey and Guernsey. It is now one of the leading providers of dedicated private equity fund administration services. Since the buyout, the management team has continued to drive the business forward, winning many new mandates and opening a new office in Luxembourg. The number of clients has expanded and Ipes now administers over 300 funds for over 90 clients. Nine of the largest clients have over €500 million each in funds under management.

Ipes appointed Richard Grainger, the former Chief Executive of Close Brothers Corporate Finance, as non-executive chairman to support the management team achieving their strategic ambitions. Several other senior appointments have been made, including new finance and commercial directors and new heads of each of the office locations.

In 2010, Ipes won the European Venture Capital Journal’s Administrator of the Year Award and the Specialist Professional Services Firm category in the Private Equity Awards. These awards are a reflection of Ipes’ dedication to training, professionalism and client service delivery.

To discuss Ipes in more detail, please contact Richard Caston or Jill Williams.