TMF Group, a leading provider of high value business services to clients operating and investing globally, has agreed to acquire Gentoo Holdings Limited, a Guernsey- and Luxembourg-based provider of fund administration services.
Established in 2011, Gentoo performs administration of regulated and unregulated funds, as well as offering depositary services, and a range of corporate and domiciliation services. The company has grown its assets under administration to over $15bn, developing a reputation for excellent service delivery with its many longstanding clients. The management teams in both Guernsey and Luxembourg have extensive fund experience and are supported by a motivated team of 50 staff.
The acquisition of Gentoo represents a key milestone for the development of TMF Group’s private equity / real estate (PERE) offering, a strategic area of growth for the Group. A fast- growing business with an excellent portfolio of clients in its own right, TMF Group will be able to leverage the expertise of the senior management team to expand its PERE offering into other jurisdictions. Gentoo’s clients will also benefit from TMF Group’s broader expertise in SPV administration, and the suite of support services that it can offer to operating companies in over 80 countries around the world.
Nick Degnen, Managing Director of Gentoo, commented “This acquisition marks an exciting milestone for our business. Since spinning-out the business in 2011, we have grown from 17 employees to 50, based in Guernsey and Luxembourg. We have enjoyed great support from our clients and backers. Becoming part of TMF Group allows us to offer our clients new services from a wider range of jurisdictions, all the while maintaining our hands-on and client-focused approach.”
Bruno Bagnouls, Global Head of PERE at TMF Group, commented “PERE is a key growth area for our business. Gentoo’s expertise and reputation in the market complements our expanding footprint in this sector, and brings a high calibre team with an excellent blue chip customer base. I am delighted that Nick, Christine Whitehorne, Mark Hooton, Alex van Zeeland and Michelle Carvill will form a key part of our combined business, and I look forward to welcoming the entire Gentoo team to TMF Group.”
Completion of the transaction is subject to regulatory approval in Guernsey and Luxembourg. TMF Group will fund the acquisition from existing cash resources; financial terms of the transaction have not been disclosed.