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Case studies

Hawksford

Sectors: Financial Services

Deal Type: MBO, Current

Transaction Value: £29 million

www.hawksford.com

Dunedin contact:
David Williams
Oliver Bevan

 
Hawksford

Hawksford's Perspective

“Dunedin is a strong partner and has been instrumental in supporting Hawksford’s internationalisation strategy as well as encouraging operational improvement initiatives.” Maxine Rawlins, CEO, Hawksford

Overview

Hawksford is a leading international provider of corporate, private client and funds services.  The business offers a comprehensive range of services and solutions to and for trusts, companies, foundations, partnerships, family offices and investment funds. Dunedin backed the £29m MBO of Hawksford in October 2008.

Hawksford was attracted by Dunedin’s DebtBridgeTM solution, which provided certainty of delivery to both the vendor and management team at the time of the transaction.

The Opportunity

Dunedin was attracted by a business with strong revenue visibility and a sophisticated portfolio of clients. The opportunity presented itself to help Hawksford transform into a high quality and scalable international platform.

Hawksford was formed from the merger of three separate businesses in Jersey. Our due diligence indicated that there was a significant opportunity to better integrate these acquisitions and improve both operational efficiency and new business development.

Value Creation

There has been significant investment in people, operations and IT, to deliver a scalable platform for growth.

Upon completion of the transaction we dedicated a considerable amount of time and resource to support the management team in driving through the required changes.  Two Dunedin executives worked closely with the management team to implement a 100 day plan which included improving the focus on debtor collection and cash management; reviewing the core IT infrastructure; and rebranding the business.  Dunedin seconded an executive with a background in financial services management consultancy to provide practical and detailed strategic support to help drive through the 100 day plan and focus on operational improvements. We were also able to call on our network of expert advisers to support management in the areas of management coaching, HR and marketing.

We have supported Hawksford in identifying, evaluating and executing acquisitions to expand the business’s international footprint. To date Hawksford has completed four major acquisitions: Trustcorp and Keytrust in Jersey, LS&S in Switzerland, and Janus in Singapore.

Business Description

Headquartered in Jersey, Hawksford is a diversified multi-service provider, operating in a sizable and growing global marketplace. It has c. 220 employees and offices in six key offshore jurisdictions including recently opened offices in Cayman and Hong Kong.

The firm has provided private client services for over fifty years and has diversified to offer a comprehensive range of services to both corporations and investment funds. Services include the set-up and administration of offshore companies, complex cross-border corporate structuring, listings, funds and trusts to facilitate asset protection, succession planning, international planning, and neutrality for investment.

Hawksford has a diverse and international service offering; a broad client base from over 20 countries with a broad spread of revenue across jurisdictions; and a robust, highly visible revenue stream.

Strategy

Hawksford has a large and growing global market which is witnessing increasing demand for offshore entities, whilst undergoing sustained global consolidation. Hawksford has a focused strategy to deliver increased new client business. Operational improvements will be delivered through enhanced technology enabled services to existing client relationships and a broader suite of corporate and fund services, thereby delivering accelerated organic revenue growth and margin expansion.

Management has developed a targeted international expansion strategy of increasing client choice by establishing the business in leading offshore financial centres in Europe and Asia and more recently in the Caribbean and there is substantial scope for further targeted international expansion, through organic growth and a considered buy and build plan.

The market is seeing favourable regulatory change towards transparency and substance which is creating opportunities for larger players such as Hawksford.
 

Your Business

What people say about us

"Dunedin worked in partnership with the management team to secure the turnaround and growth of the business. Without their support the successful exit could not have been achieved."

Kevin Wilson

Chief Executive, Gardner

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