Epiris’ Elian agrees to acquire SFM Europe

POSTED 03 September 2015

Epiris is pleased to announce that it is supporting its portfolio company Elian in the acquisition of SFM Europe, a leading provider of corporate services with more than €1 trillion of assets under administration. The deal is subject to regulatory approvals. Funding for the transaction will be provided exclusively by Elian, through a mixture of cash on its balance sheet and debt raised from the refinancing of the business's existing debt facility.

Established in 1999, SFM Europe is a leading provider of corporate services including independent directors, corporate governance and accounting services to SPVs on behalf of major institutions engaging in securitisations, structured financings and asset acquisitions, disposals and restructurings. The business has more than 100 staff in nine locations, with its headquarters based in London. SFM Europe has grown strongly in recent years by developing additional product offerings and opening in new geographies.

Electra initially invested £81 million in Elian in June 2014 as part of the £180 million buyout of Elian, enabling its separation from parent company Ogier Group. At 31 March 2015, Electra's investment in Elian was valued at £96 million.

Chris Hanna, Partner at Epiris, said:

"Since we acquired Elian, we have been seeking both organically and through acquisition to expand its international reach and add complementary product areas. SFM Europe achieves both of these objectives.

"We have worked hard with Paul Willing and his team to develop a promising M&A pipeline for the business and SFM Europe is the second acquisition we have announced this year. We continue to evaluate further strategic acquisition opportunities"

Paul Willing, CEO of Elian, said:

"SFM Europe is an attractive business with an excellent reputation and a blue chip client base that is an outstanding strategic fit for Elian. The deal will complement Elian's corporate services team and extend the group's geographic reach in key European markets, while also providing further avenues for future growth."

Chris Hanna and Ian Wood are responsible for the investment in Elian.

This continues Electra's extensive portfolio activity this financial year, which has included the announcement or completion of disposals of Nuaire as well as JOC Group and Breakbulk from AXIO Data Group; the bolt-on acquisitions to Allflex Corporation, Davies Group, The Original Bowling Company and PINE Unit Trust; and the proposed merger and refinancing of Park Resorts.

Epiris refers to Epiris LLP acting on behalf of its client Electra Private Equity PLC.

Ends.

For further information please contact:

Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000

Andrew Kenny and Nicholas Board, Epiris
+44 (0)20 7306 3902

Note to Editors:

About Epiris LLP
Epiris is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.5 billion in over 200 deals. As at

31 March 2015, the firm had funds under management of over £1.6 billion including capital available for new investment of nearly £400 million.

Epiris' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.

The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 31 March 2015, Electra has seen diluted NAV per share growth of 251%. This is over five times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, at the upper end of Electra's target range of 10-15% over the long-term.

For further information please visit www.electrapartners.com.

Epiris LLP is authorised and regulated by the Financial Conduct Authority.

About Elian
Elian specialises in corporate services, fund services, private wealth, capital services and due diligence services, Elian work with global law firms and accountancy firms, multi-national corporations, financial institutions, high net worth individuals, family offices and fund managers.

With over 500 professionals across a network of eleven international offices, covering all time zones and key financial centers, Elian are experts in handling large, demanding and complex engagements.

Elian's network of offices comprises of Bahrain, the British Virgin Islands, the Cayman Islands, Dublin, Guernsey, Hong Kong, Jersey, New York, London, Luxembourg and Tokyo.

For further information please visit www.elian.com.

About SFM Europe
SFM Europe is a leading provider of corporate services including independent directors, corporate governance and accounting services to SPVs on behalf of major institutions engaging in securitisations, structured financings and asset acquisitions, disposals and restructurings.

The group's services extend throughout Europe, with expert teams based in nine jurisdictions - Amsterdam, Dublin, Frankfurt, Jersey, Lisbon, London, Luxembourg, Madrid and Milan.-

More information can be found at www.sfmeurope.com