Gasperich-based IQ-EQ said it will acquire Davy Global Fund Management from Davy Group, one of Ireland’s largest financial groups. The deal will give IQ-EQ a prominent position in the Irish fund and corporate services market.
Davy Global Fund Management “is a market leader in real estate [management company] services in Ireland with a leading position in the private equity space,” IQ-EQ said on 22 July.
The firm also provides manco services to retail and alternative fund managers in Luxembourg, and has “a boutique fund management business focussed on ESG.” It has 83 staff members, including 68 in Dublin and 13 in Luxembourg.
Serge Krancenblum, IQ-EQ’s group chair, stated in a press release: “This acquisition represents the natural next step for our business in Ireland and the perfect opportunity to firmly establish ourselves as a player of significance in our sector.”
The company stated: “The transaction, which is subject to regulatory approval, is expected to complete by the end of 2021 following which DGFM will rebrand to IQ-EQ.”
The value of the deal was not announced.
However, the Irish Times reported that “the business was worth more than €70 million.”
Davy sold two other business units--all three deals combined “could be worth over €600m for shareholders,” according to RTE--following a shakeup of management which resulted from a major regulatory fine levied by Ireland’s central bank.