Alter Domus, a fully integrated provider of Fund and Corporate Services backed by the Permira funds, entered into an agreement, on 10 November 2017, to acquire Cortland Capital Markets Services LLC (“Cortland”) in the US. The terms of the transaction have not been disclosed.
The transaction marks the fourth deal Alter Domus has signed since the strategic investment by the Permira Funds in May 2017. Permira-backed Alter Domus plans to internationalise and build global scale through M&A - particularly in the US.
The acquisition of Cortland represents a significant milestone for Alter Domus, building on the success of the Carta acquisition, to establish a major presence in US credit, real estate and loan services alongside the existing private equity clients served.
This acquisition also marks a further expansion in Permira’s financial services portfolio in which $3.8bn of equity has been invested over eight investments.
Philip Muelder, Co-Head of Financial Services at Permira said:
“The Permira funds’ investment in early 2017 was designed to support expansion and Alter Domus continues to match that ambition. We are delighted to continue to back Alter Domus with this milestone acquisition, as the company further expands its global footprint and diversifies its service offering.”
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