International business services provider TMF Group is to acquire Gentoo Holdings, a provider of fund administration services based in Guernsey and Luxembourg.
Established in 2011 with a team of 17, Gentoo administers regulated and unregulated funds, as well as offering depositary services and a range of corporate and domiciliation services. It now has 50 staff and is led by Managing Director Nick Degnen.
TMF describes the acquisition of Gentoo as key to the development of the group’s private equity and real estate (PERE) offering, which it plans to expand into other jurisdictions.
It also claims Gentoo’s clients will benefit from TMF’s special purpose vehicle administration and support services in more than 80 countries.
Bruno Bagnouls, Global Head of PERE at TMF Group, commented: “PERE is a key growth area for our business. I look forward to welcoming the entire Gentoo team to TMF Group.”
Completion of the transaction is subject to regulatory approval in Guernsey and Luxembourg. TMF Group will fund the acquisition from existing cash resources, although financial terms of the transaction have not been disclosed.