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Candover acquires Insinger de Beaufort's trust and fiduciary services business for E182m

European buy-out house Candover has taken over the trust and fiduciary business of Anglo-Dutch private bank, Insinger de Beaufort. The deal is valued at E182m with a further E15m of deferred consideration payable dependent on the future performance of the business. The new business will be known as Equity Trust.

Candover will take a majority stake in the equity of the business, investing alongside the management team, with Insinger de Beaufort retaining a significant stake.

Equity Trust provides client services, primarily based around the formation and administration of onshore and offshore trusts and companies. It has a global client base comprising both private clients and corporate entities.

‘Since inception, the business has grown swiftly through a mix of organic growth and acquisition,' said Charlie Green, a director of Candover. ‘The industry is expected to continue to consolidate over the next few years, which will play to the strengths of the larger, independent global service providers. We are backing an excellent management team whose strategy is to lead this consolidation and enhance the company's position as a high quality, leading global service provider.'

This transaction represents Candover's second major deal of the month. The private equity firm joined Cinven in acquiring global academic publisher BertelsmannSpringer for E1bn earlier in May.

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