ECI Partners hits 3.7x return on KB Associates exit

Feb 2, 2022 | News

ECI Partners has achieved a 3.7x return for its full realisation of KB Associates, a global provider of management and consulting services.

KB Associates will now join Waystone Group, an institutional governance, risk and compliance service provider.

The size of the deal was not revealed.

ECI’s original investment into KB Associates was back in 2019 for an undisclosed amount. Since then, it has helped the company grow its AUM sixfold to reach an excess of €120bn.

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It also supported KB Associates with the establishment of a presence in Luxembourg. This was achieved via the acquisition of management company EFG Fund Management, a subsidiary of Swiss private banking group EFG International.

Other milestones achieved through ECI include the launch of a MiFID investment firm in Malta to assist clients with distribution of investment funds in the EU.

Following the close of the transaction, KB Associates founder Mike Kirby will become the executive chairman of Europe and a board member at Waystone. Additionally, KB Associates CEO Andrew Kehoe will become the CEO of Waystone and executive directors Barry Harrington and Peader de Barra will transition to managing directors of the combined business.

ECI Partners partner Michael Butler said, “It is a testament to the strength of the KB Associates team and growth strategy that the business achieved strategic trade interest so soon into our investment. We’d like to thank Mike and the team for a fantastic partnership over the past two years. This realisation clearly demonstrates the growth and resilience of the compliance and fund governance subsector.”

Squire Patton Boggs and A&L Goodbody advised ECI Partners and KB Associates on the deal.

KB Associates offers governance, regulatory and related consulting services to the asset management sector. With headquarters in Ireland, it also has offices in London, the Cayman Islands, Luxembourg and Malta.

Source: Alt Assets 

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