EQT Mid Market Europe, alongside its co-shareholders, has finalized an agreement to sell data management company Rimes to Five Arrows, the alternative assets division of Rothschild & Co, for an undisclosed amount.
Since its founding in 1996, Rimes has emerged as a critical partner to major asset managers, collectively managing over $75 trillion in global assets.
Rimes specializes in providing solutions for complex data challenges through its advanced multi-tenant cloud technology platform, facilitating improved investment decisions, cost efficiency, and reduced operational risk.
The company has expanded its capabilities significantly since EQT’s initial investment in 2020, including the strategic acquisition of Matrix IDM in 2021, enhancing its data and investment management offerings.
EQT officials, including Robert Maclean and Patrick McBride, expressed satisfaction with the company’s growth and its positioning for future success.
Rimes CEO Brad Hunt highlighted the firm’s customer-focused approach and innovation as key drivers of its recent growth.
The acquisition by Five Arrows is poised to further support Rimes’ strategic ambitions, as noted by Five Arrows’ representatives Seif Khoufi, Constantin Sabet d’Acre, Vivek Kumar, and Sacha Oshry, who praised Rimes’ market presence and vision.
The transaction, still subject to standard regulatory approvals, is anticipated to be finalized in the coming months.
Financial advisory was provided by Evercore and Jefferies, with legal counsel from Latham and Watkins and Shoosmiths.
In February, EQT‘s flagship private equity fund, EQT X, has successfully closed with a record-breaking EUR22 billion (USD24 billion) in total commitments.
This fundraise not only surpasses the initial target of EUR20 billion (USD 21.6 billion) but also marks a significant nearly 40 percent growth from its predecessor, EQT IX, which concluded at EUR 15.6 billion in April 2021.
This makes EQT X one of the most substantial private equity funds ever established.
PEVCJournal.com