Montagu Private Equity, a European private equity firm, has made an investment in Waystone, a provider of institutional governance, risk and compliance services to the asset management industry. The investment will also conclude Waystone’s successful partnership with MML Capital Partners following their investment in 2019.
Formed from the merger between MontLake, MDO and DMS, Waystone launched in March 2021 to create an institutional global governance and third-party management company with a unique portfolio of services and talent.
Derek Delaney, global CEO at Waystone, said, “This investment takes the merger of MDO, MontLake and DMS to the next level of value for our clients and it validates the merits of our decision to come together. As we continue to scale this business globally, our clients can now appoint a management company on the same institutional footing as their administrators and auditors. I would like to take this opportunity to thank my team, along with MML for their unwavering support and enthusiasm as we bring our regulatory support model to the global marketplace. We look forward to working with Montagu, as we build on our unique solution set for all core markets and domiciles.
Richard Mayers, Partner, MML Capital, adds: “The Waystone transaction is a blueprint for MML’s partnership investment philosophy. It has been an incredible journey, working with Derek and his team who have delivered on the strategy to become the leading global provider of fund governance, risk and compliance services. This is a talented team and we have thoroughly enjoyed our involvement in such a fast-growing business. We wish Waystone the best of luck in the next phase of its journey. We would also like to thank Chris Fowler and the team at CVC Credit Partners for their unwavering support of the business.”
Tobias Weltin, director, at Montagu, says: “As a private equity partner, we recognise the huge growth opportunity in the financial services sector and specifically a third-party management company with Waystone’s global reach and competitive strength. Our investment and partnership will enable Waystone to further accelerate the development of its leading products and services. We look forward to working with Waystone and its strong management team, as it accelerates its institutional global growth to meet the future needs of its clients.”
Waystone’s shareholders were advised by Baird, Squire Patton Boggs, Grant Thornton, Oliver Wyman, Lockton and EY. Management was advised by Matheson and Liberty Corporate Finance.