ThomasLloyd announces sale of its German subsidiary
ThomasLloyd Group plc ("ThomasLloyd", or the "Group"), a global
financial services company, today announces the sale of its 80% owned
subsidiary, SCHNIGGE Wertpapierhandelsbank AG ("SCHNIGGE"), a leading
German securities trading bank quoted on all of the main German stock
exchanges, to a private equity fund of Augur Capital, a European
private equity firm specializing in financial services. The parties
agreed not to disclose the terms of the transaction which involves an
initial cash payment as well as potential further payments based on
SCHNIGGE's future business performance.
The sale completes the strategic review, which ThomasLloyd started at
the beginning of 2007. Going forward, ThomasLloyd will focus on its
core asset management, merchant banking and capital markets
businesses as it continues to develop its client base throughout
Europe, America and Asia. The sale proceeds will be used to fund both
organic growth and acquisitions.
While the sale marks the end of ThomasLloyd's stake in SCHNIGGE, the
Group will continue to remain closely involved with the business for
the next two years. Tony Coveney, Executive Director of ThomasLloyd,
will continue to serve on SCHNIGGE's supervisory board and remain
active in helping to maximise the growth potential evident in the
scalability of SCHNIGGE's business model. Based on the success story
in funds and pre-IPO stock trading SCHNIGGE will further develop the
online broking business, and capitalise on opportunities presented by
the implementation of MIFID [1], which came into effect on November
1, 2007, to extend SCHNIGGE's activities beyond the German borders.
Michael Sieg, Chairman & CEO of ThomasLloyd Group plc, commented:
"We are pleased to be announcing our successful sale of our stake in
SCHNIGGE and look forward to working with Augur Capital in unlocking
further value in the business, building on the significant progress
SCHNIGGE has made over the last two years in Germany. We remain
confident in its growth potential and we look forward to working in
partnership with Augur Capital to develop the business further in the
future."
Günther Skrzypek, Managing Partner of Augur Capital AG, which is
advising the fund in Germany, added: "We are delighted that we can
strengthen our position as a leading German private equity investor
in financial services businesses in Germany with this investment."
Herax Partners LLP acted as financial adviser to ThomasLloyd on the
sale.
- Ends -
Enquiries:
ThomasLloyd Group plc +41
44 213 6767
Michael Sieg, Chairman & CEO
Tony Coveney, Executive Director
Herax Partners
Angus MacPherson
+44 20 7355
9980
Andres Reig-Schmidt
Financial Dynamics
Ivo Lingnau (Frankfurt) +49 69 9203 7133
Carolin Amann (Frankfurt) +49 69 9203 7132
Paul Marriott (London) +44 20 7269 7252
- Notes to Editors -
About SCHNIGGE Wertpapierhandelsbank AG
SCHNIGGE is one of the leading independent securities trading houses
in Germany. It makes markets in over 5,600 stocks, funds and bonds
on the Düsseldorf, Hamburg and Frankfurt stock exchanges, where it
acts as Skontroführer or specialist market-maker.
SCHNIGGE is a market innovator and established exchange trading in
mutual funds in partnership with the Hamburg Stock Exchange in August
2002. This revolutionized the distribution model within the fund
industry by bringing a significant cost reduction to investors in
their purchase of mutual funds. From its Düsseldorf headquarters,
SCHNIGGE has extended this activity across other exchanges
nationwide.
Founded in 1991, SCHNIGGE has built a reputation for efficiency,
innovation and excellent customer service. Its activities, as an
order book specialist and a market maker, are designed to fulfill the
most demanding of customer requirements. Leveraging its
state-of-the-art IT infrastructure, SCHNIGGE provides direct market
access for banks, institutional investors and professional traders.
SCHNIGGE's execution capabilities handle complex orders and trading
strategies. It also acts as designated sponsor for a number of
corporate mandates - services which are crucial for clients issuing
securities.
SCHNIGGE is the sole equity and a major fund broker on the Düsseldorf
Stock Exchange, where it makes markets in 1,500 stocks and 1,500
funds. Given its leading unique position, SCHNIGGE works closely
with the Düsseldorf Stock Exchange, particularly in marketing and
product development.
ThomasLloyd acquired its initial stake in SCHNIGGE, then known as
Börsenmakler Schnigge AG, in December 2004. Following this, and
under the guidance of Michael Sieg, the business underwent a
management restructuring. In 2005, ThomasLloyd increased its stake
to 80% and the business was renamed DKM Wertpapierhandelsbank AG. The
AGM in August 2007 voted to change the name to SCHNIGGE
Wertpapierhandelsbank AG.
About ThomasLloyd Group plc
ThomasLloyd is a rapidly growing financial services business with
fee-generating assets of $1.8bn. From its four integrated businesses
of Asset Management, Investment Services, Merchant Banking and
Capital Markets, ThomasLloyd provides its institutional and
individual clients with independent advice and execution across a
wide spread of financial markets and asset classes.
ThomasLloyd employs more than 70 professionals internationally. It
has offices throughout Europe and North America. It has recently
opened its first office in Asia, based in Beijing. Having recruited
senior staff, many with more than 20 years' experience in their
chosen fields, ThomasLloyd prides itself on the level of direct
contact and attention that clients are afforded.
[1] Markets in Financial Instruments Directive
