Epiris' Elian completes the acquisition of SFM Europe

POSTED 07 December 2015

Electra Partners is pleased to announce that, following regulatory approvals, its portfolio company Elian has completed the acquisition of SFM Europe, a leading provider of corporate services with more than €1 trillion of assets under administration. Funding for the transaction was provided through a mixture of cash on Elian's balance sheet and debt raised from the refinancing of its existing borrowing facility.

Established in 1999, SFM Europe is a leading provider of corporate services including independent directors, corporate governance and accounting services to special purpose vehicles (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 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 30 September 2015, Electra's investment in Elian was valued at £120 million.

Chris Hanna, Partner at Electra Partners, said:

"We are delighted that this acquisition has now completed. We have worked hard with Elian's CEO Paul Willing and his team to develop a promising M&A pipeline for the business. This, the second acquisition Elian has completed this year, expands its international reach and adds complementary product areas. We continue to evaluate further strategic acquisition opportunities."

Paul Willing, CEO of Elian, said:

"The SFM Europe acquisition fits perfectly with our growth strategy and will enable us to continue our commitment to excellent client service by providing a wider range of services in more jurisdictions. We are now integrating SFM Europe with the wider Elian business and are excited to offer clients our enhanced international finance offering."

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

This continues a busy start to Electra's financial year, which since October has included the realisations of Zensar Technologies and of MIMS and MRO from AXIO Data Group; the announcement of an £89 million investment in the acquisition of PhotoBox Group; and the completion of the merger of Park Resorts Group with Parkdean Holidays.

Electra Partners refers to Electra Partners 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, Electra Partners
+44 (0)20 7306 3902

Note to Editors:

About Electra Partners LLP
Electra Partners 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

30 September 2015, the firm had funds under management of over £1.8 billion including capital available for investment of nearly £350 million.

Electra Partners' 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 30 September 2015, Electra has seen diluted NAV per share growth of 244%. This is seven 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.

Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.

About Elian
Specialists in Corporate Services, Fund Services, International Finance, Private Wealth and Due Diligence Services, Elian has a clear vision: to continually deliver more value by raising the bar in Administration services.

With over 640 professionals across a network of 16 international offices, covering all time zones and key financial centres, Elian are experts in handling large, demanding and complex engagements.

The Elian group's network of offices comprises of Amsterdam, Bahrain, the British Virgin Islands, the Cayman Islands, Dublin, Frankfurt, Guernsey, Hong Kong, Jersey, New York, Lisbon, London, Luxembourg, Madrid, Milan 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.

More information can be found at www.sfmeurope.com