Estancia Capital Partners LP has agreed to sell Equinoxe Alternative Investment Services to Apex Fund Services and Genstar Capital. Financial terms weren’t announced. Estancia will retain an equity stake in the combined business. Equinoxe, of Bermuda, is an alternative fund administration firm with $24 billion of assets under administration. Davis Graham & Stubbs LLP served as legal counsel to Estancia. BeesMont Law Ltd served as legal counsel to Equinoxe.
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Estancia Capital Partners, L.P. (“Estancia”), a leading private equity fund focused exclusively on the global asset management, wealth management and related business services industries, announced today that it has entered into definitive agreements with Apex Fund Services (“Apex”) and Genstar Capital (“Genstar”) to sell its interest in Equinoxe Alternative Investment Services (“Equinoxe”). The combined business will administer close to $80 billion in assets for hedge fund, private equity and insurance clients. Estancia will retain an equity stake in the combined business and will continue to support the firm’s growth plans.
Takashi Moriuchi, Managing Director of Estancia, states, “It’s been a pleasure to partner with Equinoxe’s management team in building a global alternative fund administration firm that grew from $11 billion to $24 billion in assets since formalizing our partnership. We view the merger with Apex as the next step in the company’s evolution by providing additional resources and back office solutions to Equinoxe’s most valuable asset, its clients.”
Equinoxe’s management team was led by CEO and Founder Stephen Castree. Commenting on the transaction, Mr. Castree stated, “We were delighted to partner with Estancia as our growth capital sponsor. The principals shared our vision of building a global alternatives administration business focused on responsive, high touch client service. Our team is excited to combine strengths with Apex, which will allow our clients to benefit from our combined scale and shared philosophy of providing the highest quality service.”
Estancia Managing Director, Danny Kang added, “The fund administration industry has a few at scale independent service providers, and we support Apex/Genstar’s objective to become a top independent global fund administrator within the next five years. We look forward to working with our new partners to accelerate growth through complementary add-on acquisitions and delivering a suite of solutions/services to the alternative investments industry.”
The closing of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
Davis Graham & Stubbs, LLP served as legal counsel to Estancia. BeesMont Law Limited served as legal counsel to Equinoxe.
Estancia is a private equity firm focused on small to lower middle market investments in Institutional Quality Asset Management, Wealth Management and related Business Services companies. The Principals – Messrs. Mendez, Moriuchi, Kang, Jeffries and Kurttila – have a history of partnering with management and investment teams in providing equity, growth and working capital to facilitate strategic and opportunistic development of portfolio companies including management buy-outs from larger financial firms, private ownership/succession transitions and growth initiatives. Estancia is currently investing on behalf of a diverse base of Limited Partners.
Equinoxe is a premium boutique service provider founded in 2007 by experienced hedge fund administration professionals. Headquartered in Bermuda, Equinoxe’s global reach includes additional offices in Dublin, Sligo, Atlanta, Malta, Mauritius and Singapore. Equinoxe is a full-service alternative fund administration firm with $24 billion of assets under administration from over 200 alternative investment funds.