London-based private equity firm AnaCap nets a hefty return selling fund services business First Names Group

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London-based AnaCap, the financial services-focused private equity firm, has grabbed 2.6 times its invested money from selling a fund administration business.

First Names Group, which AnaCap had owned for over five years, was snapped up by Luxembourg-based SGG Group.

The Jersey-headquartered business, which provides trust, corporate, real estate and fund administration services, has made a grand total of 15 acquisitions under AnaCap's control including three this year alone. 

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"In terms of performance, we have achieved some very significant milestones and feel the time is now right for the company to explore a new direction," said AnaCap's Edward Green.

Serge Krancenblum, chief executive of the buyer SGG, added: "Beside their impressive leadership and client base, First Names Group has a similar history and shares our values."

Like SGG, First Names Group has expanded its offering to establish and administer trusts, companies, foundations and funds across the world.

Backed by French private equity firm Astorg, SGG has also been scooping up smaller businesses over the last year. It is now one of the world's largest providers of administration services.

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