TA Associates Announces Strategic Growth Investment in Apex Group in Partnership with Genstar Capital and Peter Hughes
SAN FRANCISCO and BOSTON – TA Associates, a leading global growth private equity firm, announced today a significant minority investment in global financial services provider Apex Group Ltd. (“Apex” or “The Group”).
Apex is majority-owned by Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The investment reinforces Apex’s strength as a leading financial services provider to investors, financial institutions and corporates.
Founded in Bermuda in 2003 by CEO Peter Hughes, Apex Group is a global financial services provider to asset managers, financial institutions, family offices and corporates. Apex has continually improved and evolved its capabilities to offer a single-source solution through a broad range of products, including fund services, digital banking, depositary, custody, super ManCo services, compliance solutions, corporate services, and a pioneering ESG Ratings and Advisory service for private companies. The Group’s single-source solution is delivered by 4,500 employees across 47 offices worldwide. Following an investment from Genstar in 2017, the Group has grown both organically and via strategic acquisition, increasing its assets under administration from $80bn, to $1.1 trillion in assets serviced across administration, custody, depositary and under management.
Peter Hughes, Founder and CEO of Apex Group, said, “Apex was founded with clients at the heart of its strategy. Since 2003 we have been focused on evolving our business to deliver more and better services to clients, no matter where they are in the world. We are very proud of the progress we have achieved together with Genstar’s support, building an unparalleled breadth of product and scaling our geographic footprint while maintaining exceptional levels of client service and retention. With TA as a new partner, we look forward to continuing on our growth trajectory and further enhancing our capabilities, while driving innovation and progress in the industry.”
Tony Salewski, Managing Director of Genstar, commented, “Through the leadership of Peter Hughes, Apex has experienced extraordinary growth and transformation by pursuing a relentless focus on their clients and capabilities. Since Genstar’s investment four years ago, Apex has achieved significant scale by meeting and exceeding clients’ service expectations. We have supported Apex through investment and acquisition capital to add complementary services and geographies, and we believe the company is well positioned for continued success. Apex is now one of the leading independent providers of outsourced financial and corporate solutions, as well as a key consolidator in the market - we look forward to our new partnership with TA to drive further growth.”
Roy Burns, Managing Director of TA Associates, said, “We have been extremely impressed by Peter Hughes, his team and the principles they champion. They have achieved a global leadership position for Apex and continually build on the partnership they maintain with their clients. We are aligned with Apex management’s vision for the future and look forward to pursuing their global business model with Genstar and being a key partner in supporting Apex’s platform as they develop new services and strengthen their tech-enabled services.”
Morgan Stanley & Co. LLC and Macquarie Capital served as financial advisors to Genstar. Willkie Farr & Gallagher LLP provided legal advice to Genstar and Goodwin Procter LLP provided legal advice to TA.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 47 offices worldwide and over 4,500 employees, Apex delivers a full suite of services to asset managers, capital markets, family offices and corporates. The Group has continually improved and evolved its capabilities to offer a single-source solution through a broad range of solution including fund services, digital banking, depositary, custody, super ManCo services, compliance solutions, corporate services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 535 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.