TMF Group acquired by CVC

Announced in October 2017, the transaction between CVC Capital Partners and DH Private Equity Partners establishes the sale of TMF Group to CVC Fund VII. The definitive agreement involves the full exit of the historical sponsor's fund, DH V, alongside other minority equity holders, marking the seventh realized exit from that specific fund vehicle. The transaction also replaces the company's previously prepared initial public offering on the London Stock Exchange, which had contemplated a minimum free float of 25% prior to the execution of the private buyout. The transaction completes an investment cycle during which the vendor, overseen by Senior Partner and target Chairman Dick Hanson, sponsored 32 bolt-on acquisitions alongside organic greenfield expansions, resulting in 148% revenue growth and 131% EBITDA growth over the ownership lifecycle. Under the target's financial reporting at the time of the transaction, the business generated €450–900M in annual revenue alongside an adjusted EBITDA of €100–200M. For CVC Capital Partners, the transaction serves as the maiden platform investment for CVC Fund VII, a vehicle capitalized at €15.5 billion. The acquiring fund's strategic thesis, formulated alongside partners Ivo Lurvink and Peter Rutland, focuses on backing Chief Executive Officer Frederik van Tuyll to execute further organic development and programmatic consolidation across the fragmented corporate administration and trust services landscape. Subject to customary clearance from antitrust bodies and cross-border regulatory authorities, formal closing of the equity purchase is scheduled for the first half of 2018.