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Dunedin backed Hawksford continues international expansion with acquisition of Janus Corporate Solutions

By Dunedin,  March 14,2014

Acquisition confirms confidence in growing Singapore market

Hawksford, the leading independent trust company has today completed the acquisition of Singapore based corporate services provider, Janus Corporate Solutions (Janus).  This is the fifth acquisition made by Hawksford since it was backed by UK mid-market private equity house Dunedin in October 2008 and reflects the underlying growth strategy to expand the business internationally.  Equity funding was provided by Dunedin and debt by HSBC Bank.

Established in 2009, Janus is a very successful corporate services provider in Singapore providing company secretarial, accountancy and immigration services.  The business has over 1,500 clients and has experienced growth of 30% year on year, which is set to continue.

Hawksford is already one of the largest independent trust companies in the Channel Islands with assets under administration of £30 billion.  Established in 2008, following the management buyout of Rathbone Trust Company Jersey Limited and backed by Dunedin, the company has focused on organic and acquisitive growth.

Hawksford recently appointed a new CEO, Maxine Rawlins, previously a partner at Ernst & Young.  Prior to Ernst & Young, Rawlins lead a team that successfully grew Maples Finance into a multi-jurisdiction fiduciary services business.

David Williams, partner at Dunedin who sits on Hawksford’s board, commented: “Strategically the acquisition of Janus will be game changing for Hawksford.  It will significantly increase the size of the business as well as its geographic footprint and the range of services it offers.   The company is committed to offering its clients the highest quality range of services when and where they need it, and this client service philosophy very much underpins the acquisition of Janus.

There is considerable and growing demand among corporate and private clients for high quality trust and fiduciary services in Singapore and as a result the market is undergoing significant expansion. Growing levels of private wealth in Asia will also offer opportunities to provide services to high net worth individuals.

Oliver Bevan, investment director at Dunedin who has worked on all the Hawksford acquisitions to date noted: “This is an exciting period for Hawksford, which is going from strength to strength.  Having completed five acquisitions in the last five years, the business is growing at an impressive rate.  The appointment of Maxine Rawlins as CEO has further strengthened the team and will be critical in driving the international growth of the business.”

The acquisition of Janus will have a transformative impact on Hawksford,  enabling it to develop a strong presence in the Asian market and to expand both its geographic reach and service offering in line with client needs. The acquisition will also increase the profits of the Hawksford group by 25% and the total number of clients serviced by the combined group will increase from 1,800 to over 3,300.

In 2013 Hawksford completed the acquisition of Key Trust in Jersey. In the last three years, the business has also successfully acquired Trustcorp Jersey Limited; L-S&S GmbH, a Swiss boutique private wealth law firm and the funds business of Standard Bank Dubai.

Dunedin is committed to helping the businesses in its portfolio to achieve growth through acquisitions and internationalisation. Since 2011 Dunedin backed businesses have completed 23 portfolio acquisitions.

Advisers:

  • HSBC Bank
  • PWC – financial and commercial due diligence
  • EY – Regulatory due diligence and Tax
  • Hogan Lovells Lee & Lee - Lawyers
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