European private equity firm Silverfleet Capital has entered into an agreement with Ipes, one of Europe's providers for fund administration and outsourcing services. The GBP50 million transaction was a direct purchase from RJD Partners.

The completion of the transfer though is subject to regulatory clearances. The move though is Sliverfleet Capital's way to develop the business through acquisition with special focus on international expansion.

According to Geraldine Kennell, partner for Silverfleet Capital for financial services, "Ipes has successfully pioneered a specialist approach to private equity fund administration and has an excellent track record. We have a deep understanding of this sector and specifically working with heavily regulated businesses. The market environment is attractive for a dynamic mangement team with a clear plan for growth and we have significant experience in this sector to support the development of the business both organically and through buy and build."

This was seconded by Kevin Brennan, CEO of Ipes said, "Silverfleet Capital has been a customer of Ipes for over 10 years and we are really pleased that they have decided to back us in the next phase of our development. We look forward to working in partnership with them to execute our ambitious plans to expand the business and to build upon our market leading position."