Anglo Irish Trust Company has been bought by a team led by its managing director in one of the Isle of Man’s largest management buy-outs. The financial services provider was bought for £33 million in a deal backed by ISIS Equity Partners.

Anglo Irish Trust Company has been bought by a team led by its managing director in one of the Isle of Man’s largest management buy-outs. The financial services provider was bought for £33 million in a deal backed by ISIS Equity Partners.

ISIS has taken an undisclosed but significant shareholding in the company after it invested £13 million from its ISIS III LP fund.

The balance of the equity is held by the Sheila Dean-led management team, which also invested in the deal.

Debt was provided by Paul Wood and Anthony Donohue at The Royal Bank of Scotland Corporate & Structured Finance.

ISIS’ investment was arranged by Shani Zindel, who was supported by Simon Ward, Daniel Smith and Neil Bennett. Zindel and Wol Kolade will represent ISIS on Anglo Irish Trust’s board.

The company was sold by Anglo Irish Bank, which bought the business from professional services firm Ernst & Young in 2002.

The buy-out team was advised by law firm Olswang and Deloitte Corporate Finance, while ISIS was represented by Wragge & Co and Quinn Kneale (Isle of Man). Wyvern Partners provided financial advice on the buy-out. RBS was assisted by Shoosmiths.

The due diligence was handled by KPMG (Isle of Man) and LEK, which managed the financial and commercial reviews respectively.

Anglo Irish Trust, which was established in 1978, provides offshore trust and company administration services to high net worth individuals.