mynth
← DATABASE
01/2021

Private Equity Administrators acquired by Sanne Group

DENMARK Professional Services / Consulting & Audit / Accounting & Audit EV 20M - 50M EUR

Context

By acquiring Private Equity Administrators from its founders, Sanne Group secures projected annual revenues of and an EBITDA of while establishing a direct operational bridgehead in Scandinavia. Formally agreed in December 2020 and completed in early March 2021, the cross-border transaction broadens the purchasing entity's client service proposition across Northern Europe following the receipt of formal regulatory clearances from relevant supervisory authorities. The acquisition framework is structured around an upfront consideration funded through a combination of cash reserves and newly issued ordinary shares in the purchasing company, representing thirty percent of the initial settlement, complemented by a multi-year cash earn-out mechanism tied to financial performance milestones through the end of 2022. Under the governance terms established between the parties, the target entity's executive leadership team remains actively engaged to steer operational integration and coordinate client development alongside Chief Executive Officer Martin Schnaier. The strategic thesis pursued by the buyer focuses on securing immediate localized access to fast-growing private equity sponsors across the Nordic region, utilizing established regional administrative channels to capture cross-selling opportunities for broader alternative asset management services. Furthermore, the integration allows the consolidator to expand the scope and scale of its offshore delivery capabilities within the Channel Islands. Expected to deliver immediate earnings per share accretion, the takeover materializes amidst a challenging macroeconomic backdrop shaped by pandemic-related operational disruptions, Brexit trade negotiations, and delays in private capital fundraising cycles. By absorbing the regional platform, the corporate group consolidates fragmented administration activities, connecting local Nordic alternative investment managers directly to an expansive international service architecture.

-> Deep-dive in Business Services market trends

Target

Private Equity Administrators is a boutique fund administration and depositary services provider delivering operational solutions to alternative investment vehicles across Northern Europe. Established in 2007 by its founding partners and headquartered in Denmark, the enterprise coordinates administrative operations through dedicated offices situated in Sweden and Guernsey. Supported by an operational workforce of over 55 specialized professionals, the business directs middle- and back-office services for both onshore and offshore pan-European fund vehicles. Its operating portfolio encompasses comprehensive fund accounting, statutory compliance monitoring, investor reporting, and regulatory depositary oversight tailored to private equity asset managers. The operating model centers on deploying customized administrative frameworks capable of handling complex fund structures, subscription mechanisms, and distribution waterfalls. The corporate balance sheet recorded €2.7 million in total balance sheet assets at the close of 2019, reflecting an asset-light corporate structure. Overseeing upwards of €27 billion in assets under administration, the organization maintains a specialized regional presence across the Nordic asset management ecosystem, ensuring adherence to statutory governance mandates.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
2020

Similar deals in Professional Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2021THE ADECCO GROUPQAPAFRANCETemp Work / Staffing
04/2021HIG CAPITALINTERPATHUNITED KINGDOMAccounting & Audit
12/2020JACOBS ENGINEERING GROUPPA CONSULTINGUNITED KINGDOMStrategy & Management
11/2020TWO CIRCLESTRM PARTNERSUNITED KINGDOMMarketing & Events
05/2020ARDIANARGON & COFRANCEStrategy & Management
02/2020TILNEYSMITH & WILLIAMSON (S&M)UNITED KINGDOMAccounting & Audit
01/2020STONE POINT CAPITALDUFF & PHELPSUNITED STATESConsulting & Audit
12/2019BRUIN SPORTS CAPITALTWO CIRCLESUNITED KINGDOMMarketing & Events
10/2019PERMIRAAXIOMUNITED STATESLegal & Notary
07/2019RAISEAVISA PARTNERSFRANCEConsulting & Audit

REFERENCES

Valuation range: EV 20M - 50M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Private Equity Administrators by Sanne Group 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.