What You Need to Know
The acquisition of Concord Trust Co. will mark IQ-EQ s entry into the U.S. private wealth market.
This is the latest step in the U.S. growth strategy of IQ-EQ, which has about $500B in AUA.
Luxembourg-based IQ-EQ already has an established position in the European private wealth market.
The global investor services firm IQ-EQ is entering the U.S. private wealth market by signing a deal to acquire Concord Trust Co., a company with $1.9 billion in assets under management.
The strategic acquisition is part of IQ-EQ’s growing U.S. operations and follows its purchase of the alternative asset service provider Blue River Partners last June and Constellation Advisers, an investment management consultancy, in January.
GI Partners Purchases Orbcomm
GI Partners, a US-based investor in data infrastructure businesses, has agreed to acquire
Orbcomm Inc., a global provider of Internet of Things services, in an all-cash transaction that values Orbcomm at approximately $1.1 billion, including net debt.
“This transaction will provide immediate and substantial value to Orbcomm stockholders, reflecting the tremendous commitment and work of our employees and stakeholders. The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said
Marc Eisenberg, Orbcomm’s chief executive officer. “GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.”
AE Industrial Partners Hires Director
AE Industrial Partners LP, a private equity firm specializing in aerospace, defense, space & government services, power generation, and specialty industrial markets, has hired
Mallika Gummalla to the firm as a director. In this role, she will be primarily responsible for the evaluation of emerging technology themes and the management of industrial sourcing networks for new investments. Previously, she was a business development director and sales executive for the New England territory at
Airtech USA.
“Mallika’s unique background makes her particularly well qualified for her role at AEI – a strong technical background, supported by a track record of innovation and start-up development,” said
IQ-EQ Purchases Concord Trust Co.
IQ-EQ, an
Astorg portfolio company, has signed terms to acquire
Concord Trust Company, an independent U.S. based trust company, headquartered in South Dakota and with offices in South Dakota and New Hampshire. This strategic transaction, the first for IQ-EQ in the U.S. private wealth space. It follows closely on from IQ-EQ’s successful acquisitions of U.S. based
Constellation Advisers LLC (January 2021) and
Blue River Partners LLC (June 2020).
On transaction completion
Mark Fordyce will assume overall responsibility for the group’s expanded U.S. operations. Concord’s management team of
Christopher Martin and