IFG Group Mar 2012

On 29 March 2012, Canaccord Genuity's client IFG Group Plc (IFG), a Dublin-based financial services provider listed on the Irish and London Stock Exchanges, announced that it had signed an agreement for the sale of its International Division (IFG International) to AnaCap Financial Partners II LP (AnaCap).

The disposal of IFG International is a Class 1 transaction and completion is conditional upon approval of IFG shareholders and certain regulatory approvals in their operating territories, which are expected in June/July.

IFG International is a leading provider of trust and corporate services, operating in the Isle of Man, Jersey, Cyprus, Ireland, BVI, Spain and Switzerland. It also provides fund administration services in Jersey and the Isle of Man. Revenue across IFG International was £33.5mlion and operating profit was £8.0mlion in 2011.

Following the conclusion of a strategic review of IFG International, IFG received an unsolicited approach from AnaCap for the business. Canaccord Genuity advised on the valuation implied by AnaCap's initial offer and the options available. The Canaccord Genuity team also played a key role in the negotiating of the terms of the deal and assisted in drafting the Class 1 Circular.

The transaction builds on Canaccord Genuity's track record of Class 1 transactions and flows from our relationship with IFG. Canaccord Genuity previously identified and advised IFG on the transformational acquisition of James Hay, a leading SIPP administrator, in early 2010, from Santander.