Estera, a global provider of funds, corporate and trust services and an active service provider to the insurance-linked securities (ILS) and reinsurance markets, has been acquired and will combine with corporate administration and fiduciary service provider Ocorian.
Inflexion Private Equity has acquired Estera from previous owner private equity investor Bridgepoint.
After the acquisition is completed, Estera will be combined with Inflexion’s existing portfolio company Ocorian, to form a global corporate service and fund administration firm with greater scale and reach around the world.
Once combined, the business will operate out of 18 key global jurisdictions, including Bermuda, Cayman, Guernsey, Ireland, Jersey, Luxembourg and Mauritius.
The combined operations will employ more than 1,250 professionals globally, with more than 8,000 clients being served across the corporate service, fund administration and private client sector.
Estera and Ocarian will together provide a wide range of services to clients with multi-jurisdictional needs.
Ocorian clients are expected to benefit significantly from Estera’s established North American presence (Bermuda, BVI and Cayman), while Estera clients will be able to leverage Ocorian’s presence in and links to the Middle East and Africa.
Estera in Bermuda has developed a specialism in service provision to the insurance-linked securities (ILS) and collateralized reinsurance market, offering listing services for catastrophe bonds, fund and trust related services, as well as corporate directorships and fiduciary services.
Farah Ballands, Estera Chief Executive, commented, “‘This is a really exciting next step for our business and everyone who works for it. We are delighted that we will be combining with Ocorian, which with Inflexion’s support, will help us develop and grow the business even further. We look forward to implementing an ambitious joint growth plan.”
Stuart Layzell, Ocorian Chief Executive, added, “This is a landmark transaction for Ocorian. Together both businesses will be able to offer an enhanced service to their clients wherever they are located. The whole team looks forward to working with the team at Estera to take the enlarged business forward.”
Simon Turner, Managing Partner, Inflexion, also said, “Since carving out Ocorian from Bedell Cristin in September 2016, the business has successfully completed four acquisitions, significantly diversifying its client offering geographically. The combination of Ocorian and Estera is truly transformational, creating a global, market leading business of significant scale and we look forward to partnering with both teams to accelerate the growth of the joint business.”
William Paul, Partner and Head of Bridgepoint’s financial services team, stated, “Estera has a reputation for high quality, client-centric services, and the expertise to deal with the complex needs of its clients. Alongside a strong management team, we have helped the business build market leadership positions globally across its product portfolio and accelerated investment in its platform as well as in selective acquisitions. We wish the company and its team continued success under its new ownership.”
The enhanced footprint of the combined business will no doubt help Estera to further its work in the reinsurance and ILS space, adding greater service offering and relevance to its client base.
The transaction is subject to regulatory approval.