Private equity firm that left the Pru plans £500m sale

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The Independent Online

Silverfleet Capital, the private equity group, is to make its first major disposal since its management buyout from insurer Prudential last November.

Known as PPM Capital until last Thursday, Silverfleet has hired UBS to look at a £500m-plus sale of TMF Group, an Amsterdam-based group that provides management and accounting outsourcing services to multinationals, including several Fortune 500 companies.

Private equity groups 3i and Bridgepoint are expected to lead the bidding. A spokeswoman for Silverfleet said: "There has been a wide range of private equity interest."

Silverfleet said that UBS had been appointed to "review strategic options", adding that TMF had made over 40 acquisitions since Silverfleet bought a stake in 2004.

TMF has offices in 61 countries. The company expects to make earnings before interest, taxes, depreciation and amortisation of nearly €60m (£47m) in the current financial year.

Management bought out PPM from M&G, Prudential's fund management arm, last year. At the time, M&G financial director Philip Johnson said the future of PPM was "best served by becoming an independent company". Silverfleet continues to manage M&G's private equity investments.

Announcing the name change on Thursday, Silverfleet managing partner Neil MacDougall said: "Our independence provides additional motivation for the team to build on our success over the last 20 years. During that time we have made over 100 investments and established an excellent track record, particularly in retail, leisure, healthcare, business and financial services."

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