Inflexion Private Equity is supporting the acquisition of fund administration provider, Estera, and merging the firm with its existing portfolio company Ocorian.
In a statement, the firm said it will subsequently form a global corporate service and fund administration leader of “significant scale”.
The combined business will operate from 18 key global jurisdictions, including Bermuda, Cayman, Guernsey, Ireland, Jersey, Luxembourg and Mauritius, and serve over 8,000 clients across the corporate service, fund administration and private client sector.
Estera will be set to benefit from Ocorian’s strong links to the Middle East and Africa.
“We are delighted that we will be combining with Ocorian, which with Inflexion’s support, will help us develop and grow the business even further,” said Farah Ballands, Estera chief executive.
“We look forward to implementing an ambitious joint growth plan.”
The move follows a number of other private equity agreements with fund administrators, including Genster Capital’s investment into Apex Group and agreements between Quilvest Private Equity and Gen II Fund Services.
“Since carving out Ocorian from Bedell Cristin in September 2016, the business has successfully completed four acquisitions, significantly diversifying its client offering geographically,” said Simon Turner, managing partner, Inflexion.
“The combination of Ocorian and Estera is truly transformational, creating a global, market leading business of significant scale and we look forward to partnering with both teams to accelerate the growth of the joint business.”