Wrap software firm acquired by private equity group

Private equity firm General Atlantic has taken a stake in platform technology provider FNZ through a management buy-out that was also backed by fellow investment group HIG Capital.

According to a document published on Official Journal of the European Union, General Atlantic have taken joint control over the group by way of a purchase of shares. It will share this control with existing FNZ shareholder and fellow private equity firm HIG Capital.

The document states that the European Commission is investigating the deal on competition grounds, saying that “the notified transaction could fall within the scope of the EC Merger Regulation”.

FNZ’s senior management will hold the remaining significant shareholding in the company.

The deal is subject to regulatory approval.

Adrian Durham, chief executive of FNZ said: “General Atlantic will be an excellent value-added partner for FNZ given its strong track record in growth equity investing, excellent global reputation and expertise in the financial services sector.

“We are delighted to have them on board as we continue to deliver the next phase of growth and international expansion into Asia and other key markets, based on a services platform that provides end-to-end connectivity across the global wealth management value chain.”

John Bernstein, managing director at General Atlantic added: “We have long followed wrap platforms and believe that FNZ combines a market leading product and services offering with a highly talented management team.

“We are impressed with the extraordinary achievements of Adrian and his team over the past few years and are pleased to have the opportunity to contribute our strategic support and long-term partnership approach to further FNZ’s development and global expansion.”