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Private equity firms circle Transact

Private equity firms are circling Transact as a sale of the platform moves closer. 

The firms considering bidding for Transact include US-based Corsair Capital, London-based TDR Capital and New York-based Aquiline Capital Partners, Money Marketing understands. No life and pension firms are thought to have expressed a serious interest in the deal. 

Goldman Sachs is acting for Transact in the sale. 

In August, Transact chief executive Ian Taylor told Money Marketing the firm was working towards a long-term goal of either selling the business or floating on the stock exchange.

In its latest accounts, Transact reported pre-tax profits of £16.9m for the year to 30 September 2013, up by 14 per cent year-on-year. The platform also reported assets under administration of £14.3bn.

Late last year, the platform carried out a share buyback in which it purchased 4 per cent of the business from shareholders. It also moved to restructure the group, bringing all parts of the business under a new holding company.

All parties declined to comment.


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Partnership Assurance or Just Retirement would be prudent to consider widening their ‘retirement’ options base in the light of annuity developments…. this could be an exceptional and wise strategy for either/both!

  2. Do either of these distressed annuity providers have £400-500 million to spare?

  3. is there enough growth in the platform market to support double digit valuations? The fact there has been no trade interest discounts your premium strategic purchase. My money would be on no sale and business as usual for as long as that remains possible (the big question).

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