Sanne Group has entered into an agreement to acquire Scandinavian private equity fund administrator Private Equity Administrators (PEA).
Formed by its current owners in 2007, PEA specialises in providing boutique fund administration and depositary services to alternative fund structures.
The business is headquartered in Denmark and has operations in Sweden and Guernsey. It employs more than 55 staff, has more than of €27bn of assets under administration and supports onshore and offshore pan-European funds.
Sanne says PEA is a strategically important acquisition that will help it expand its geographical footprint and its offering in Denmark and Sweden.
The acquisition will also provide an opportunity to increase the scale of the group’s Guernsey operations, with the potential to drive cost synergies going forward.
The acquisition, the fourth for Sanne announced this year, is expected to complete in the first quarter of 2021, following regulatory approval from the relevant bodies.