MMC to acquire Aegis from ASB
Investment administration specialist MMC is set to acquire ASB’s private wealth administration and custody business after signing a sale and purchase agreement with ASB yesterday.
The acquisition of Aegis Limited and Custodial Services Limited will help expand MMC’s service offering in the financial services administration sector.
Leading law firm MinterEllisonRuddWatts advised MMC (which is backed by Pencarrow Private Equity) on the transaction, with Partners Neil Millar leading the firm’s deal team and Steve Gallaugher advising on the financing (which utilised a unique ‘stretch senior’ financing from an offshore credit fund).
“We are delighted to have worked alongside the team at MMC and Pencarrow to help them on this important acquisition”, said Neil Millar.
“We helped MMC work through the complexity of extracting the Aegis business from ASB focusing on ensuring that Aegis employees, clients and suppliers are transitioned with minimal impact on them and the business.
MMC Chief Executive, Tom Reiher, said: “I know with 100% certainty that we had a 0% chance of executing a deal without advisers of the quality and commercial acumen of the MinterEllisonRuddWatts team. Their grasp of the big picture as well as the detail, helped us focus on both the key risks and practical considerations.”
Pencarrow’s Investment Director, Philippa Weston added: “It has been a pleasure working with MinterEllisonRuddWatts on MMC’s acquisition. Forthright, sanguine and delivering clear and to the point advice, at times with humour, saw the team make an invaluable contribution to the transaction.”
MinterEllisonRuddWatts’ deal team advised on all aspects of the transaction and included partners Tom Maasland, Chris Young and Gillian Service, alongside special counsel Benjamin Jacobs. The acquisition is expected to complete in December 2019.
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