By Yusra Sarkar
ZEDRA Group (“ZEDRA”), the global specialist in trust, corporate and fund services, today announced that Corsair Capital LLC (“Corsair”), one of the longest-standing private equity firms focused on the financial services industry, has made a majority investment in ZEDRA. Corsair has a long and successful track record of growing financial services firms across a diverse range of sectors, and its partnership with ZEDRA will support the firm’s continued growth and global expansion.
ZEDRA’s network covers 13 jurisdictions across 15 offices in Asia, Oceania, the Americas and Europe. Its team of nearly 500 industry experts creates and delivers bespoke trust, corporate and fund services solutions to clients, including high-net-worth individuals and their families, international corporations, institutional investors and entrepreneurs. Under the terms of the agreement, Corsair will acquire the majority of the equity holdings from ZEDRA’s current owners, the Nielsen and Sarikhani families.
At the close of the transaction, which is expected in 2019, Bart Deconinck, currently Group Deputy Chairman, will become Group Executive Chairman.
Mr. Deconinck said, “Corsair’s investment and support is a strong endorsement of ZEDRA’s differentiated value proposition, blue-chip client base, and long-term prospects. Since our acquisition of Barclays’ offshore and onshore trust businesses a little over two years ago, ZEDRA has grown rapidly, building and strengthening our reputation for innovative and independent thinking. With Corsair’s partnership and operational support, we will be able to build on these foundations, while continuing to provide our clients with the service and solutions they have come to expect from ZEDRA. The stewardship of Niels Nielsen and the support of Ali Sarikhani has been an important factor in our growth and I would like to thank them for their invaluable support.”
Raja Hadji-Touma, Managing Director at Corsair Capital added, “We’re delighted to announce this investment in ZEDRA. The business is growing strongly and operates in a sector which remains fragmented, offering exciting acquisition opportunities of independent businesses and bank-owned trust subsidiaries. We’re backing an ambitious management team, led by Bart Deconinck, with a proven track record of building leading companies in the sector. We look forward to bringing together our capabilities at Corsair with the deep specialist knowledge at ZEDRA to continue delivering an exceptional service in the trust, corporate and fund services industry to clients around the world.”
Derrick Estes, Managing Director at Corsair Capital said, “ZEDRA is a unique firm with unparalleled capabilities in the trust, corporate and fund services space. We believe our strategic investment, deep financial services expertise and global network will be critical as ZEDRA continues its rapid growth. We look forward to working with the team to support this exciting next phase of ZEDRA’s development.”
Niels Nielsen, ZEDRA Group Chief Executive Officer said, “I am tremendously proud of what we have achieved in the past three years and I am equally optimistic about the future of ZEDRA. Our new strategic partnership with Corsair creates opportunities for significant development, and Corsair’s extensive knowledge and experience in the sector will be invaluable to the team and clients. This is a milestone for ZEDRA, and I personally would like to thank the management team and staff for their hard work and dedication over many years and wish them all the best in the future.”
The deal remains provisional, pending full regulatory approval. Terms of the transaction were not disclosed.