News of the £2.4m distribution was revealed this week, as the completion of the sale of Ipes to Silverfleet Capital was announced.
The money will be distributed over the next 12 months to Ipes’s 150 employees, who are beneficiaries of an employee ownership trust that was set up by the founders in 2008.
Helyar and Gillson set up the trust at that point “as a measure of appreciation for those who had helped to build their business over the preceding 10 years”, as they sold the business to RJD Partners for £25m in a management buyout, a company spokesperson said.
As reported, London-based Silverfleet, a private equity firm, announced in April that it had agreed to acquire Ipes from RJD, in a £50m transaction.
Originally founded in Guernsey, Ipes is a fund administrator and outsourcing services company, with more than 100 private equity clients that it looks after from offices there and in London, Luxembourg and Jersey. It is known for its expertise in closed-ended funds, with a particular specialty in private equity.
Prior to announcing its intention of buying Ipes, Silverfleet had been one of its clients for more than a decade.
Team ‘deserve to share in success’
Kevin Brennan, Ipes chief executive, said in a statement that the Ipes staff deserved to share in the company’s success, since their “hard work and dedication” had made it what it is today.
He added that the employee ownership trust had made good business sense when it was set up, as it “incentivised” the Ipes “team”.
“It is also an approach which resonates with our private equity clients,” Brennan said.
To read about Silverfleet Capital’s announcement earlier this year of its intention to buy Ipes, click here.
