Sanne Group acquired by Apex Group
Context
Supported by an equity funding consortium featuring Genstar Capital and TA Associates, Apex Group concludes the recommended cash acquisition of Sanne Group for an agreed cash consideration of 920 pence per share. Finalized in August 2022 following an initial announcement in August 2021, the transaction successfully preempted a rival 875 pence per share bid from private equity sponsor Cinven, valuing the target company at an EV/EBITDA multiple of 22.5x based on an adjusted EBITDA of £50–100M. The structured financing architecture combines ordinary equity subscriptions from sponsor vehicles Genstar Capital Partners X and TA XIII and TA XIV, cumulative preferred equity subscribed by Carlyle Credit Opportunities Fund II, and senior credit facilities arranged by Bank of America and Deutsche Bank. The cross-border acquisition resulted in the full delisting of the target from the London Stock Exchange, accompanied by the formal resignation of board members Rupert Robson, Nicola Palios, Sophie O'Connor, Mel Carvill, Julia Chapman, Yves Stein, and Fernando Fanton. Strategically, the integration expands the buyer's jurisdictional reach across North America, Central Europe, Africa, and the Asia-Pacific region, adding ESG advisory and institutional banking services to the target's customer base. The transaction secured requisite regulatory clearances across multiple jurisdictions, including Malta, Guernsey, Mauritius, the United States, and South Africa, following formal sanction of the court scheme in August 2022. On the sell side, Sanne Group was advised financially by Jefferies International and J.P. Morgan Securities, with Addleshaw Goddard and Carey Olsen Jersey providing legal counsel. Apex Group mandated Merrill Lynch International, N.M. Rothschild & Sons, and Deutsche Bank as financial advisors, supported by Kirkland & Ellis International and Willkie Farr & Gallagher as legal advisors.
Previously, Sanne Group had completed the acquisition of Private Equity Administrators in 2021 as part of its consolidation strategy.
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Target
Operating from its corporate headquarters in Saint Helier, Jersey, Sanne Group provides specialist fund administration, corporate governance, and fiduciary outsourcing services to international alternative asset managers and financial institutions. The enterprise structures its operational workflows across five dedicated segments: private equity, private debt, real assets, capital markets, and loan agency servicing. Led by Chief Executive Officer Martin Schnaier, the organization delivers outsourced middle- and back-office administration, statutory accounting, periodic regulatory reporting, and compliance oversight to a portfolio of approximately 2,000 institutional clients worldwide. Its recurring fee model focuses on assisting alternative investment funds and multinational corporate entities throughout the full fund vehicle lifecycle, from initial cross-border legal structuring to complex asset liquidation. The firm's operating framework coordinates specialized domestic statutory know-how with standardized workflow protocols, ensuring regulatory adherence across distinct fund domiciles. Supported by an international operational footprint encompassing regional business hubs in Denmark, Japan, Serbia, South Africa, Spain, and Sweden, the platform manages administrative mandates across diverse closed-ended investment vehicles.
Ent. Value
£1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
FREE VIEW
EV / EBITDA
22.5x
EV / EBIT
[members only]
Historical Financials (GBP)
Other operations with Sanne Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2021 | SANNE GROUP | PRIVATE EQUITY ADMINISTRATORS | DENMARK | Accounting & Audit |
Other operations with Apex Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2021 | APEX GROUP | MAINSTREAM GROUP | AUSTRALIA | Accounting & Audit |
| 06/2018 | APEX GROUP | IPES | UNITED KINGDOM | Accounting & Audit |
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REFERENCES
Valuation range: EV £1–10bn
Revenue range: £100–200M
EBITDA range: £50–100M
EV/Revenue range: 4x - 10x
EV/EBITDA range: Above 20x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Sanne Group by Apex 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.
Press release: view release
Acquirer: apex group
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