Arendt on Wednesday said it agreed to sell a majority stake in its investor services subsidiary to Blackfin Capital Partners in a transaction valuing the business at close to 500 million dollars. The deal, which includes third-party AIFM Amanco, is subject to approval by the CSSF, the firm said.
Arendt Investor Services, also known as AIS, had been wholly owned by Arendt until now since its inception in 2009. Blackfin will take a controlling stake while Arendt retains a significant minority holding and board representation. Both firms describe the agreement as a way to accelerate AIS’s development in Luxembourg and support its expansion into other key fund domiciles.
France, Ireland and Germany
AIS has grown steadily and now employs more than 300 professionals. The firm marked its 15th anniversary in 2024 and offers fund administration, corporate and governance support, operational AML and compliance, tax services, and third-party AIFM and depositary functions. It is supervised by CSSF and is ISO 22301 certified.
Arendt said AIS will expand first into France, Ireland and Germany as part of a broader European strategy. The company aims to consolidate its role as an operational partner for alternative asset managers, asset servicers and family offices working across multiple jurisdictions.
Blackfin’s strategy
Blackfin, a European private equity platform focused solely on financial services, manages more than four billion euros across offices in Paris, Frankfurt, Amsterdam, Brussels, London and Luxembourg. The firm invests in what is known as ‘asset-light’ financial businesses and typically works as an active owner to scale operations internationally.
An asset-light business is one that generates revenue mainly from services, technology or expertise rather than from owning significant physical assets, such as real estate or infrastructure.
Eric May, founding partner at Blackfin, said AIS’s position and heritage made it a strong platform for further growth. “AIS offers a differentiated value proposition for investors looking to operate in Europe,” he said in a statement.
Arendt said the transaction does not create overlap with existing Blackfin portfolio companies, but it sees opportunities for selective cross-selling and broader access to Blackfin’s European network.
Arendt’s long-term role
Arendt, well-known as Luxembourg’s biggest law firm, will remain closely involved through its minority stake, maintaining strategic continuity with its legal and consulting businesses. “The long-term vision that has guided the development of AIS remains unchanged,” said Claude Niedner, chairman of the AIS board and co-chair of Arendt.
The valuation of close to 500 million dollars places AIS among the larger independent providers in Luxembourg’s fund and corporate services sector, where consolidation and international expansion have been key themes in recent years.
Deloitte acted as M&A adviser to Arendt, with EHP as legal counsel. Blackfin was advised by Bain and Company, PwC, Clifford Chance and Gide.