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01/2022

IQ-EQ acquired by ASTORG, ALPINVEST & GOLDMAN SACHS

LUXEMBOURG Wealth & Asset Management REV 1m EUR - 100m EUR

Context

Astorg has successfully closed a €1.3bn dedicated continuation vehicle to acquire absolute majority control of IQ-EQ from its Fund V, marking the firm's first-ever continuation fund transaction. Following a heavily oversubscribed process managed by Lazard as exclusive financial advisor, Astorg secured a partnership with AlpInvest and Goldman Sachs Asset Management to lead this next development phase. To adequately capitalize this massive secondary operation, the deal structure includes substantial additional dry powder strictly engineered to fuel IQ-EQ's ambitious M&A roadmap and organic growth initiatives. This transaction allows the IQ-EQ leadership team and the Astorg deal team to make significant equity contributions, ensuring full alignment as the group aims to become the leading global firm in the investor services sector.

IQ-EQ, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.5x).

-> Deep-dive in Financial Services market trends

Target

IQ-EQ is a preeminent, independent global provider of comprehensive investor services. Operating across a vast international footprint, the enterprise delivers highly innovative, technology-enabled solutions meticulously tailored for specialized fund managers, multinational corporations, private wealth entities, and family offices. The firm manages a massive portfolio of assets under administration. Driven by strong structural market trends emphasizing the expansion of private markets and increasing administrative outsourcing, the group has successfully multiplied its operational scale. This phenomenal growth was achieved through a perfectly executed combination of robust organic momentum and a highly aggressive, successful international acquisition strategy, significantly broadening its service offering and digital sustainability-oriented capabilities.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
2021

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REFERENCES

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of IQ-EQ by ASTORG / ALPINVEST / GOLDMAN SACHS 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: astorg / goldman sachs