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M&A Deal Summary

Apex Group Acquires MMC

On May 3, 2022, Apex Group acquired financial services company MMC from Pencarrow Private Equity

Acquisition Highlights
  • This is Apex Group’s 7th transaction in the Financial Services sector.
  • This is Apex Group’s 1st transaction in New Zealand.

M&A Deal Summary
Date 2022-05-03
Target MMC
Sector Financial Services
Buyer(s) Apex Group
Sellers(s) Pencarrow Private Equity
Deal Type Add-on Acquisition
Advisor(s) Cameron Partners (Financial)

Target

MMC

Auckland, New Zealand
MMC is a specialist fund and investment administration business. The company provides fund accounting and unit pricing services for over 210 investment funds and has over $30 billion of clients' funds under its administration. It also offers settlement functions, registry services, trade matching plus valuation, returns and accounting services. MMC is based in Auckland, New Zealand.

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Buyer(S) 1

Buyer

Apex Group

Hamilton, Bermuda
Category Company
Founded 2003
Sector Financial Services
DESCRIPTION

Apex Group is an independent fund administration and middle office solutions provider with offices in 32 locations worldwide. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to capital introduction services. Apex now administers the investments of some of the largest funds and institutional investors in the world. Apex Group was founded in 2003 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 11 of 14
Sector (Financial Services) 7 of 9
Type (Add-on Acquisition) 10 of 13
Country (New Zealand) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-05 Greenough Group

Burlingame, California, United States

Greenough Group is a provider of finance, accounting, and human resources services to technology companies, venture capital, and private equity funds. Greenough Group is based in Burlingame, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-11 Pacific Fund Systems

Isle of Man, United Kingdom

Pacific Fund Systems is a provider of fund administration software systems for third-party fund administrators. PFS’s flagship system, PFS-PAXUS, holds a unique position in the marketplace, offering a single, end-to-end system across the full spectrum of fund administration disciplines, providing a NAV accounting, investor registration and reporting solution for all fund types from retail funds to complex alternative funds including hedge strategies and Private Equity structures. Pacific Fund Systems was founded in 1999 and is based in Isle of Man.

Buy -

Seller(S) 1

SELLER

Pencarrow Private Equity

Wellington, New Zealand

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 692M NZD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pencarrow Private Equity is a private equity firm focused on investing in New Zealand owned and operated businesses. Pencarrow looks to support management buyouts, management buy-ins, and provide expansion capital for companies operating in a variety of sectors. Areas of interest include building materials, distribution, manufacturing, consumer products, business services, and capital equipment. Target companies are typically valued between NZ$20 and $150 million where the Firm can commit $10 to $30 million in equity capital. Pencarrow Private Equity was formed in 1993 and is based in Wellington, New Zealand.

DEAL STATS #
Overall 9 of 10
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 4 of 5
Country (New Zealand) 9 of 10
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-26 Pacific Clinical Research Network

Auckland, New Zealand

Pacific Clinical Research Network (PCRN) comprises of two clinical trials businesses (Lakeland Clinical Trials Group and Southern Clinical Trials Group) that perform the administration of new pharmaceuticals and medical devices under controlled conditions as part of a clinical trial, with a focus on phase 1b to 4 clinical trials. PCRN operates two sites directly, in Rotorua and Christchurch, and has a separate franchise network of ten additional sites across New Zealand. Pacific Clinical Research Network is based in Auckland, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-01 Umbrellar

Auckland, New Zealand

Umbrellar is a provider of cloud hosting, domain name services, and e-commerce payment services across New Zealand and Australia. The Group operates a network of data centres providing distributed high availability and fault tolerant cloud services. Umbrellar was established in 1997 and is based in Auckland, New Zealand.

Sell -
Mergr

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