International law firm Simmons & Simmons has advised Apex Group Ltd., a global financial services provider, on the acquisition of Mainspring, a UK-based provider of venture capital fund administration and accounting services with assets under administration (AuA) of £9.7bn.
The transaction is subject to customary conditions, including regulatory approvals expected later in 2022.
The Simmons team which advised Apex Group was led by corporate partner Gideon Sharp and counsel Shashwat Patel, supported by supervising associate Callum Bailey and associate Elle Scurr.
Commenting on the deal, Gideon said: “It was a pleasure to advise Apex Group on this exciting addition to the group, and to continue working with them closely across a number of our offices. The Simmons team advised on all aspects of the transaction and is yet another example of the firm’s deep experience and strength in the asset management and financial services sectors.”
Maxwell Johnston, Head of M&A at Apex Group commented: “The support of our professional advisers played an important role in successfully completing this transaction. I am grateful for their support and look forward to working with Simmons and Simmons going forward.”
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices in 40 countries worldwide and more than 10,000 employees upon the close of announced acquisitions, Apex Group delivers an expansive range of services to asset managers, financial institutions, private clients and family offices.
Mainspring provides outsourced administration and accounting services to small and medium-sized venture fund managers in the UK. Mainspring also operates an FCA-regulated custody business for fund managers offering managed account investments such as EIS funds.