Eversheds Sutherland advises on sale of TrustQuay

Eversheds Sutherland has advised the shareholders of TrustQuay, including pan-European private equity firm Silverfleet Capital, on its sale to Hg Capital.

TrustQuay is a leading provider of Trust, Fund & Corporate Services software.

The international law firm was instructed to act as lead counsel on the deal having previously advised on Silverfleet’s acquisition of Microgen in May 2019 and its subsequent merger with Touchstone Wealth Management in November 2019 to form TrustQuay.

Completing the transaction will generate a 3.1x gross money multiple and an internal rate of return of more than 40% for Silverfleet. The transaction is expected to complete in October and is not subject to further closing conditions.

Under Silverfleet’s ownership TrustQuay has increased revenue and EBITDA, demonstrating the resilience and quality of the business. Organic growth has been further accelerated by the highly successful launch of the “Software as a Service (SaaS)” offering, TrustQuay Online.

The Eversheds Sutherland team was led by Richard Moulton, Partner and Co-Head of the Global Corporate and M&A Team assisted by: Partners Peter Harper (competition) and Ben Jones (tax), Principal Associates Mike Birkett (corporate) and Charlie Markillie (competition), Senior Associate Ben Shem-Tov (tax) and Associates Drew Bailey, Amy Coombes (both corporate), Della Hepinstall (competition) and Sean Wright (tax).

Richard Moulton, Eversheds Sutherland, said:

“Having worked with Silverfleet and the TrustQuay team over a number of years, we are delighted to have advised on this significant milestone in their journey.”

Ian Oxley, Partner at Silverfleet Capital, said:

“It has been a pleasure working with Eversheds Sutherland throughout our ownership of TrustQuay. Their hard-work and advice has been very important to both us and the management team - from our initial investment and add-on right through to the successful exit.”