HgCapital has today announced the sale of ATC to Intertrust (the trust company backed by PE firm Blackstone) for an enterprise value of €303 million.
This realisation represents an investment multiple of approximately 2.2x original cost and a gross IRR of 37% over the two year investment period - an excellent example of a highly successful collaboration between a PE firm and a fiduciary services business.
Hg acquired a majority stake in Amsterdam-based ATC in March 2011. ATC had been independent since 1893 and HgCapital was the first external investor in the business. ATC provides fiduciary, management and administration services to multinational corporations, financial institutions and fund managers.
The sale of ATC is expected to formally complete in September 2013 following regulatory approval.
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