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03/2018100%

Cortland Capital Market Services acquired by Alter Domus

UNITED STATES Professional Services / Consulting & Audit / Accounting & Audit REV 1m USD - 100m USD

Context

Executing its fourth external growth operation since securing a strategic investment from private equity sponsor Permira in May 2017, Alter Domus finalizes the complete acquisition of Cortland Capital Market Services. Officially announced in November 2017 and completed on March 27, 2018, the cross-border corporate transaction transfers full ownership of the United States-based investment servicing company to the European administrative group. The strategic thesis formulated by the acquiring board focuses on establishing a major operational bridgehead in the North American alternative investment market. By integrating the target's specialized loan services solutions, the buyer significantly accelerates its geographical expansion into the United States credit and real estate sectors, complementing its previous purchase of CARTA Fund Services finalized earlier in the same year. For the acquired entity, the structural consolidation unlocks immediate international scale, granting its historical domestic client base direct access to European and Asia-Pacific regulatory frameworks and proprietary management company capabilities. This transaction aligns with the aggressive buy-and-build strategy orchestrated by the financial sponsor, which utilizes the purchasing entity as a primary platform to internationalize back-office operations across the fragmented fund administration landscape. Philip Muelder, Co-Head of Financial Services at Permira, noted that this specific capitalization adds to the sponsor's broader financial services portfolio, which represents a total equity deployment of $3.8 billion across eight distinct investments. The integration phase will focus on merging the regional service lines to create a unified alternative investment servicing platform capable of executing multijurisdictional mandates for institutional asset allocators. While the precise financial terms of the equity transfer remain undisclosed by the transacting parties, the deal execution was supported by a dedicated advisory roster on the sell side: the target mandated Jefferies LLC to deliver exclusive financial advisory services, while Reed Smith LLP acted as lead legal counsel to structure the exit. The transaction successfully cleared all customary closing conditions and required regulatory approvals prior to the end of the first quarter of 2018.

Cortland Capital Market Services, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Business Services sector (11.5x in 2026).

-> Deep-dive in Business Services market trends

Target

Serving alternative investment managers, real estate private equity firms, and specialized credit funds, Cortland Capital Market Services operates as an independent third-party fund administration and middle-office outsourcing provider. The enterprise structures its operational workflows to handle the complex back-office requirements of financial institutions navigating multiple asset classes. Headquartered in Chicago, the corporate organization coordinates client administration across a dedicated domestic footprint that includes regional offices in New York, Los Angeles, Austin, and Indianapolis, complemented by an international presence in China. The business was originally established in 2008 by a founding team of former LaSalle Bank and ABN AMRO senior executives, including Chief Executive Officer Doug Hart alongside Russ Goldenberg, Tim Houghton, and Lora Peloquin. Its service delivery framework combines proprietary accounting systems, automated transaction workflows, and dedicated transfer agency support to supervise a massive portfolio, managing over USD 200 billion of assets under administration. The core business model focuses on handling statutory compliance, middle-office data reconciliation, net asset value calculations, and complex investor communications. Supported by a specialized workforce of over 400 financial professionals, the company deploys integrated operating processes to streamline fund servicing across key financial centers.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2018
$1–100M
[members only]
[members only]
2017
$1–100M
[members only]
[members only]

Other operations with Alter Domus

Other operations with Alter Domus
DateAcquirerTargetCountrySector
03/2024CINVENALTER DOMUSLUXEMBOURGAccounting & Audit
05/2017PERMIRAALTER DOMUSLUXEMBOURGAccounting & Audit

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REFERENCES

Revenue range: REV 1m USD - 100m USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Cortland Capital Market Services by Alter Domus are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: alter domus

FAQ

What transaction does this page cover?

This page covers Alter Domus’s acquisition of 100% of Cortland Capital Market Services, an American company specialised in Consulting & Audit, in 2018.

How does the valuation of Cortland Capital Market Services compare to benchmarks in the Business Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Business Services sector are valued at a multiple of 11.5x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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