TMF Group acquisition by CVC

“We greatly appreciated STJ’s involvement and support during the process which kept all the parties on their toes and certainly gave us a lot of comfort.”

Directors, Middenberm Management entities


STJ Advisors acted as IPO advisor to Middenberm Part Co B.V. on the IPO/sale dual-track process which resulted in the sale of TMF Group, a global provider of compliance and administrative services, to CVC Capital Partners for a total consideration of €1.75 billion.

STJ’s consistent advice and detailed and timely data-driven analysis in the critical stages of the IPO process provided the Middenberm shareholder group (comprised of approximately 180 current and former TMF management team members and employees) with the transparency to enable informed decision-making across diverse shareholder interests, particularly in relation to the relative merits of the IPO and the CVC offer. Ultimately, the valuation implied by the CVC offer was accepted, with the IPO track having represented an alternative that provided competitive tension against a private sale.

With this transaction, STJ maintains its 100% track record of successful transactions in 2017, and further enhances its track record of advising on dual-track transactions.

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