H.I.G. Capital (H.I.G.), a global private equity investment firm, has entered into a definitive agreement via one of its affiliates to sell its stake in FNZ, a platform-as-a-service (PaaS) provider, to Caisse de Depot et Placement du Quebec and Generation Investment Management LLP.
The transaction valued the company at £1.65 billion.
During H.I.G.’s ownership, the company has grown its footprint and broadened its offering into continental Europe and Asia across all segments, from mass-market workplace pensions to mass affluent and high net worth clients.
Carl Harring, managing director, H.I.G. Capital commented: “During our nine years of ownership, the company experienced exceptional growth in assets under administration from £5 billion to over £330 billion. FNZ has delivered an outstanding return for H.I.G. and its investors; we look forward to following the Company as it continues on its rapid global growth path”.
Adrian Durham, chief executive, FNZ, added: “Under H.I.G.’s ownership, we have successfully partnered to deliver exceptional growth and value creation for our investors, whilst driving down long-term costs for financial institutions and consumers alike”.
JP Morgan acted as financial adviser to H.I.G. Capital.
Headquartered in Edinburgh, FNZ is a PaaS provider to the European wealth management industry. Founded in 2003, FNZ is a global FinTech firm which provides PaaS to the European wealth management industry. The Edinburgh-based company is responsible for over £300 billion in assets under administration held by around 5 million customers.
H.I.G. is a global private equity and alternative assets investment firm with over EUR 24 billion of equity capital under management.