The transaction, terms of which were not disclosed, is expected to close in the second quarter of 2015 subject to customary closing requirements and regulatory approvals. Senior management of Conifer will continue to lead the business and own a significant minority interest in the company.
In May 2014, The Conifer Group, LLC and Vastardis Capital Services Holdings LP merged their respective businesses to create Conifer Financial Services, one of the world’s largest independent asset services providers and outsourced trading platforms.
Keith Taylor, Managing Director of Carlyle’s Global Financial Services Fund, said, “Fund services are becoming increasingly important to a range of asset owners and managers. Market participants are working to gain better control over their data, operations and regulatory requirements. Conifer’s technology advantage allows it to deliver a diverse set of services to help its clients thrive in this dynamic environment.”
Christopher Dodds, Keith Taylor and William Allen will join Jack McDonald and William Vastardis on Conifer’s Board of Directors.
Capital for Carlyle’s investment will come from Carlyle Global Financial Services Partners II. L.P., which invests in management buyouts, growth capital opportunities and strategic minority investments in financial services firms globally. This will be the fifth investment by the fund.
Previous investments include: Duff & Phelps, DBRS and Edgewood Partners Holdings Inc.
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