The Ogier Group has announced that the partners of Ogier Fiduciary Services have agreed terms to complete a management buy-out of the Ogier Fiduciary Services business from the Ogier Group. The deal closed on 1 February 2014 with final completion being subject to the usual regulatory approvals.
The management buy-out of Ogier Fiduciary Services is being backed by Electra Partners, an independent private equity fund manager with more than 25 years’ experience of supporting businesses, including those in the financial services industry. On behalf of its major client, Electra Partners has agreed to invest £83m of equity in the £180m transaction. Completion is subject to certain conditions including regulatory approvals.
The deal will result in additional funding to ensure that Ogier Fiduciary Services is able to realise its growth plans, taking advantage of market opportunities as they arise. The investment will also ensure Ogier Fiduciary Services continues to provide high levels of client service supported by additional investment in key systems and infrastructure.
Ogier Fiduciary Services will continue to be led by Paul Willing as chief executive officer, supported by the current executive team. There will also be no change to clients’ existing relationship management teams.
Although the Ogier Group will be splitting into two independent businesses, it is anticipated that Ogier Fiduciary Services and Ogier Legal will continue to benefit from a close relationship. They will also continue to share premises and facilities, and Ogier Fiduciary Services will continue to use the Ogier brand for a period to help ensure a smooth transition.