H.I.G. Europe, a European affiliate of lower mid-market private equity firm H.I.G. Capital, has acquired FNZ Holdings, a financial software business, for an undisclosed sum.
FNZ provides trade execution and custody services for wealth management platforms, fund supermarkets, wrap accounts and pensions in the UK and New Zealand. Clients include Standard Life, JPMorgan Asset Managenet and AXA in the UK and ING, Bank of New Zealand, AMP and First NZ Capital in New Zealand.
Founded within New Zealand investment bank First NZ Capital in 2003, FNZ employs approximately 200 staff in offices in London, Edinburgh, Bristol and Wellington.
H.I.G. Europe said that there is strong growth potential in the market, particularly within pension accounts.
“FNZ has an excellent record of delivery,” said Matthias Allgaier, managing director at H.I.G. “It has grown from a standing start in New Zealand in 2003 to its position today as a major provider of software as a service, with profitable turnover in excess of £20m.”
Source: Thomson Merger News