Silverfleet Capital sells TrustQuay

The pan-European private equity firm Silverfleet Capital has agreed to sell its stake in TrustQuay, a leading provider of Trust, Fund & Corporate Services software, to Hg, generating a 3.1x gross money multiple and an IRR of over 40%. Completion of the transaction is expected to occur in October and is not subject to further closing conditions.

Headquartered in Fleet, England, TrustQuay was formed from Silverfleet’s 2019 acquisition of Microgen Financial Systems and subsequent follow-on acquisition of Touchstone Wealth Management, creating the global leader in the market. Under Silverfleet’s ownership, TrustQuay has increased revenue and EBITDA, demonstrating the resilience and quality of the business. Organic growth has been further accelerated by the highly successful launch of the “Software as a Service (SaaS)” offering, TrustQuay Online.

Ian Oxley, Partner at Silverfleet Capital says: “TrustQuay is a high-quality business, and we are delighted to have helped the company achieve its objectives under our ownership. We have again demonstrated our skills at executing a high-growth plan through both organic expansion and acquisitions, and our ability to help our portfolio companies undergo significant digital transformation. Our thanks go to the TrustQuay management team who have continued to build on the global leading position of the business and to roll-out major new releases of the software including TrustQuay Online.”

Keith Hale, Executive Chairman of TrustQuay said: “I’d to thank Silverfleet Capital for their support over the last three years. We’re incredibly excited to reach this significant milestone and it is an excellent endorsement of our mission and progress over those three years.”

Silverfleet and the selling shareholders were advised by Baird and Eversheds.