HgCapital sells ATC to Intertrust for 303 million

June 03, 2013 3:55 PM
HgCapital has sold Dutch fiduciary services firm ATC, which also has a Curacao branch,  to corporate services business Intertrust for €303m, reaping a 2.2x money multiple.
 
The sale generated a gross IRR of 37% over the two-year investment period. The transaction is expected to close in September 2013 following regulatory approval.
 
HgCapital first invested in ATC in March 2011 as the first external investor in the business.
 
Since HgCapital invested in ATC, the company has experienced accelerated organic growth with an 11% increase in turnover and an EBITDA increase of 14% per annum over the past two years. 
 
HgCapital focused on driving growth by furthering investment into building a larger sales force, as well as improving the firm's internal training and development programme during the holding period.
 
ATC is the third divestment for the HgCapital 6 fund, which closed on £1.75bn in 2009. Exits from this fund have delivered an overall return of 2.8x and a gross IRR in excess of 50%. Following the completion of the ATC sale, HgCapital 6 will have returned in excess of 40% of invested capital.
Hg's previous three exits – the divestments of CSH, Mercury Pharma and SHL – have in aggregate returned 2.9x with a 35% gross IRR.
 
Company 
Founded in 1893 and based in Amsterdam, ATC provides fiduciary, management and administration services to multinational corporations, financial institutions and fund managers.
 
People
Matthew Rourke is head of the services team at HgCapital. Johan Lont is the chief executive of ATC.
 
Advisers
Vendor - Lazard (M&A); Weil, Gotshal & Manges (Legal);
PwC (Financial due diligence, tax). 

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