Inside the Deal: How Baird Advised TrustQuay on Its Sale to Hg
Baird served as exclusive financial advisor to Silverfleet and other selling shareholders on the sale of TrustQuay to Hg Capital (Hg). Combining its expertise in the Trust, Corporate Services and Fund Administration (TCS) markets with its technology and software practice, Baird successfully assisted TrustQuay on this transaction.
Read more about this transaction below in our latest "Inside the Deal.”
Background & Situational Overview
- TrustQuay is a global leader in technology for the corporate services, trust and alternative fund administration industry, offering the most functionally rich, scalable and secure front to back-office platform. The TCS industry is still in an early stage of its digitization journey and represents a significant market opportunity within the wider financial technology and software space
- TrustQuay helps over 360 clients across 30 jurisdictions consolidate data and systems onto a single digital platform, reduce regulatory burden, increase efficiencies and reduce costs through automation, and create competitive advantage via a clearly differentiated proposition
- Led by Keith Hale, former Multifonds CEO, the Company was in the process of launching its new SaaS product line, expanding into fund administration and exploring larger strategic acquisition opportunities for which an additional financial investor was desired
Baird Value-Add
- Managed inbound interest in a fluid exploration of a small number of parties in a non-structured process, that maintained flexibility and optionality throughout
- Baird secured a deliverable deal signed in 12 weeks from our appointment that involved complex negotiations covering structure and certainty
Outcome
- In October 2022, despite a challenging capital market environment, TrustQuay announced its sale to Hg, a leading global investor in software and services champions with over $55 billion in funds under management
- Hg will support TrustQuay’s next phase of growth through investments in sales, marketing, technology development and strategic acquisitions
- In connection with the sale, Richard Earnshaw, Director in Hg’s Mercury team will join TrustQuay’s board of directors
- Silverfleet realized a 3.1x return on their investment and over 40% IRR
For additional information about this transaction, please contact:
Simon Pearson
+44-20-7667-8409
spearson@rwbaird.com
John Sun
+44-20-7667-8224
jysun@rwbaird.com
Vinay Ghai
+44-20-7667-8225
vghai@rwbaird.com
Kiran Paruchuru
+1-312-609-4926
kparuchuru@rwbaird.com
Stephan-Alexis Pohl
+44-20-7667-8283
spohl@rwbaird.com