Appleby has secured a significant minority investment from New Mountain Capital as the international offshore legal and corporate services firm looks to expand into additional jurisdictions and service lines while increasing investment in technology, talent and acquisitions.
Appleby’s existing management team and partners will continue to lead the business and retain majority ownership following the transaction.
Group Managing Partner Malcolm Moller will become CEO of Appleby when the deal closes.
The firm’s law entities will continue to be owned and controlled by Appleby partners who meet the qualification requirements of the jurisdictions where they operate.
Founded more than 125 years ago, Appleby provides corporate, disputes and fiduciary services to financial institutions, investment managers, insurers, corporations and select private clients.
The organization employs more than 500 people, including approximately 200 attorneys, across 11 offices serving eight jurisdictions.
Appleby’s offshore footprint includes Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man, Jersey, Mauritius and Seychelles, with additional offices serving those markets from Hong Kong, Shanghai and Shenzhen.
New Mountain’s investment is intended to support Appleby’s next growth phase through investment in talent, technology, innovation and M&A.
Appleby also sees opportunities to enter new jurisdictions and broaden its service capabilities while improving the experience it provides to clients handling complex cross-border transactions and disputes.
The investment will be made through a newly established Cayman Islands company that will indirectly hold Appleby Global Group LLC.
Appleby Global Group operates as a managed service organization for the firm’s law practices and owns the Appleby Global Services fiduciary entities in accordance with local regulations.
New Mountain manages approximately $60 billion across private equity, strategic equity, GP-led single-asset secondaries, credit and net lease strategies.
The investment firm has substantial experience backing professional services businesses and plans to apply that expertise to Appleby’s organic growth and acquisition strategy.
Guggenheim Securities served as financial advisor to Appleby, with Ropes & Gray serving as legal advisor. Piper Sandler advised New Mountain financially, while Simpson Thacher & Bartlett and Addleshaw Goddard served as legal advisors.
KEY QUOTES:
“New Mountain’s investment positions the firm to expand into new jurisdictions and service lines, further invest in technology and innovation, and enhance client service.”
“We are pleased New Mountain recognizes Appleby’s pre-eminent positioning and growth opportunity, and are excited to partner with an investor that has a long track record of supporting fast growing professional services organizations.”
Malcolm Moller, Group Managing Partner of Appleby
“We look forward to enabling and accelerating Appleby’s next phase of growth with investments in talent, technology, and M&A.”
Sara Israel, Director at New Mountain Capital
“We have deep experience scaling professional services firms through organic expansion and strategic acquisitions.”
Harris Kealey, Managing Director at New Mountain Capital
