Private equity firm Corsair Capital has made a majority investment in financial services group Zedra.
Zedra said the new partnership would support its global expansion. Corsair has a long track record of growing financial services firms in a diverse range of sectors.
Zedra’s network covers 13 jurisdictions across 15 offices in Asia, Oceania, the Americas and Europe. Under the terms of the agreement, Corsair will acquire the majority of the equity holdings from Zedra’s current owners, the Nielsen and Sarikhani families.
At the close of the transaction, which is expected in 2019, Bart Deconinck (pictured), Zedra's Group Deputy Chairman, will become Group Executive Chairman.
He commented: “Since our acquisition of Barclays’ offshore and onshore trust businesses a little over two years ago, Zedra has grown rapidly. With Corsair’s partnership and operational support, we will be able to build on these foundations.
"The stewardship of Niels Nielsen and the support of Ali Sarikhani has been an important factor in our growth and I would like to thank them for their invaluable support.”
Raja Hadji-Touma, Managing Director at Corsair Capital, added: “We’re delighted to announce this investment in Zedra. The business is growing strongly and operates in a sector that remains fragmented, offering exciting acquisition opportunities of independent businesses and bank-owned trust subsidiaries.”
The deal remains provisional, pending full regulatory approval. Terms of the transaction were not disclosed.