Nearly a year after Marlin Equity Partners put Asset Control up for sale with a price tag of £100 million – an astonishing eight times EBITDA – in November 2017, it has found a buyer in Sovereign Capital Partners, a UK-based private equity firm with a track record of acquiring high quality businesses and supporting their growth. The price of the purchase was not disclosed.
Under Sovereign’s management, Asset Control’s existing management team will continue to lead the company, including Mark Hepsworth who was appointed as CEO in August 2016 and has focussed on developing the company’s product offering to meet client needs and growing the company. The team will be joined by Brian Traquair, former president of capital markets at SunGard Data Systems and a fintech advisor and investor, as chairman of the board of directors.
Commenting on the acquisition, Hepsworth said: “This investment will benefit our clients, who can expect continued stability and investment in product development to further enhance their data management capabilities. Asset Control has grown rapidly in recent years and we look forward to continued successes with Sovereign in launching new products and winning new clients.”
Sovereign intends to use its experience in the financial services and technology sectors – its main claim here is a 2010 investment in compliance and regulatory consultancy Cordium, which it exited in 2015 – to support Asset Control through its next phase of growth.
Sunil Jain, investment director at the private equity firm, said: “The global marketplace for data management systems is growing rapidly and Asset Control is uniquely positioned to capitalise on this opportunity in the financial services market. Asset Control stands out due to its robust historic performance and attractive growth potential. We look forward to building on what Mark and the team have accomplished in recent years”.