Apex Group Ltd has acquired Greenough Consulting Group, a provider of finance, accounting and human resources services to technology companies, venture capital and private equity funds. No financial terms were disclosed. A&M acted as financial and tax advisor to Apex Group while Kirkland & Ellis provided legal counsel. And, Coblentz, Patch, Duffy, and Bass provided legal counsel to GCG.
Global, August 05, 2021 — Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, announces today the acquisition of Greenough Consulting Group (“GCG”), a leading provider of finance, accounting, and human resources services to technology companies, venture capital and private equity funds.
This strategic deal serves to further strengthen Apex’s position in the US market and enhances its ability to deliver high quality service to clients of all sizes, via locally based experts. The addition of the GCG business broadens the Group’s existing presence in North America through the addition an office in Burlingame, CA and over 50 employees, increasing the Group’s Americas headcount to nearly 600 people.
For over two decades GCG has served over 800 clients, consisting of more than 200 Venture Capital and Alternative Investment Funds – including some of Silicon Valley’s most respected investment funds – and more than 600 rapidly growing tech companies. GCG’s client base is evenly split between start-ups or midmarket corporates, and Venture Capital or Private Equity funds.
The deal combines two businesses with a common focus on innovation, and meeting or exceeding clients’ needs. Complementing Apex’s 99% client retention rate, GCG’s model is tailored to support specific client profiles and brings experience in investment and technology adjacent industries; with 85% of its clients having been referred by other satisfied clients, and 45% are repeat clients.
GCG’s clients will now benefit from the Group’s global, cross-jurisdictional reach and range of additional services including digital banking, global compliance solutions and ESG Ratings and Advisory; and accessing new markets through its globally connected operating model across 50 offices, supported by 5,000 employees.
This acquisition continues Apex Group’s growth momentum and is the eighth deal announced by the Group in FY21. Earlier in 2021, the Group announced the close of the acquisitions of FundRock and GFin Corporate Services, the acquisition of digital marketing platform Senasen and geographic expansion via the acquisitions of fund administrators Tzur in Israel and mola-administration in Germany. The Group has also announced the planned acquisitions (awaiting regulatory approval) of Mainstream in Australia and BRL Trust Investimentos in Brazil.
Peter Hughes, Founder and CEO of Apex Group comments: “Growth across the Americas is a strategic priority for us and GCG is a natural fit for our business having demonstrated a commitment to innovation, and a strong track-record in client satisfaction which has parity with our own priorities. Over the last two decades, the team at GCG have built a robust business delivering exceptional service levels to high growth corporate and funds clients. As part of the Apex Group, we can further support these clients as they evolve and grow, through access to our unrivalled density of products and cross-jurisdictional access. We look forward to welcoming the GCG team to the Apex family.”
Mark M. Greenough, Chairman and Founder, Greenough Consulting Group adds: “We are proud to announce that GCG will be joining the Apex Group. 15% of our clients are located outside the US or have an international presence, and the wider Apex Group will deliver the geographic reach and breadth of services they require to help them more easily achieve their full growth potential. As part of the Apex Group, our clients will continue to benefit from proximity to the funding community and the opportunities which come from GCG becoming part of a respected financial services provider with a global presence and focus on driving change and innovation to better support their clients.”
Terms of the transaction are undisclosed. A&M acted as financial and tax advisor, and Kirkland & Ellis provided legal counsel to Apex Group. Coblentz, Patch, Duffy, and Bass provided legal counsel to GCG.
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 50 offices worldwide and 5,000 employees upon the close of announced acquisitions, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About Greenough Consulting Group
Greenough Consulting Group (GCG) provides finance, accounting, and human resources services to technology companies, venture capital and private equity funds. For VC/PE funds, GCG provides back-end financial and administrative services. These services range from tracking and management systems, analysis, communications, and investor relations, to M&A support, and due diligence. Funds typically remain GCG customers as long as they are active. Most startups don’t need a fulltime CFO, but they can quickly grow to need more than what a multi-purpose office manager, or over-burdened founder can provide. Services for these firms range from basic bookkeeping and HR tasks, to accounting oversight and controller functions, all the way up to part- and fulltime CFO services. Most tech firms remain GCG customers until they can justify a fulltime finance staff, or have an exit.