International law firm Simmons & Simmons has advised Intertrust N.V. on the acquisition of Elian Group from Elian’s management and funds managed by Electra Partners LLP. The parties have signed binding transaction documents that are subject to regulatory and shareholder approval and the transaction is expected to complete within a few months' time.
Elian Group is a high growth, regional Trust & Corporate Services leader and has the number one leadership position in Jersey and a strong presence in the UK and 13 other jurisdictions. Elian is also a specialist in the areas of Private Equity and Real Estate Funds Administration, as well as Capital Markets services through is recent acquisitions of Allied and SFM.
The acquisition of Elian reinforces Intertrust’s global leadership position, increases diversification across jurisdictions and clients, and aligns perfectly with Intertrust’s strategic objectives of growing in the areas of Private Equity & Real Estate Funds administration and Capital Markets services.
Simmons & Simmons has also previously advised Intertrust on the acquisition of the Cayman Islands trust, fiduciary services, fund administration and banking business of Close Brothers Group plc in 2011 and on the acquisition of Walkers Management Services ("WMS"), a leading provider of corporate, company secretarial and fiduciary services from the world’s leading financial centers in 2012.
Commenting on the transaction, corporate partner based in London, Arthur Stewart, said: "We are delighted to have advised Intertrust on this important strategic acquisition which is creating a global leader in the trust and corporate services space. The acquisition is part of an ongoing theme of industry consolidation in this sector. The transaction required input from all of our specialist departments and from our network of international offices outside London together with local law firms. It was a team effort in a tight time frame and demonstrated our strength and depth in M&A for regulated clients in regulated markets within the Global Asset Management sector. We look forward to continue developing our relationship with our client".
Corporate partner based in Amsterdam, Leo Verhoeff, added: "We take pride in Arthur and his team having counselled Intertrust on this major transaction. We have been advising Intertrust on significant cases ever since 2009 when it became independent. We have advised CEO David de Buck and CFO Ernesto Traulsen and the management team all along on their path of transformation, growth under the umbrella of private equity and since recent becoming listed. It feels good this experience continues and we trust that is mutual."
The Simmons & Simmons team was led by partner Arthur Stewart, assisted by lead supervising associate Federica Titon, associate Gizem Basaran and corporate trainees Jon Malik and Sophie Tuistan. Core specialist advice on the transaction was provided by: partner Nick Cronkshaw and associate Matthew Norris (Corporate Tax); partner Ian Fraser and supervising associate Bronwyn Colgan (Incentives); partner Julian Taylor and supervising associate Miranda Lewin (Employment); partner Simon Thrower and of counsel Cara Sykes (Banking); partner Ali Crosthwaite and supervising associates Karen Clark and Alice Bell (Real Estate) and partner Stephen Moses (Litigation)
