Private equity firm Corsair Capital has made a majority investment in ZEDRA Group, a specialist in trust, corporate and fund services. The financial details of the transaction were not disclosed.

Corsair will acquire the majority stake from ZEDRA’s current owners, the Nielsen and Sarikhani families.

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Corsair Capital managing director Raja Hadji-Touma said: “We’re delighted to announce this investment in ZEDRA. The business is growing strongly and operates in a sector which remains fragmented, offering exciting acquisition opportunities of independent businesses and bank-owned trust subsidiaries.”

ZEDRA, which operates across 13 jurisdictions through its 15 offices located in Asia, Oceania, the Americas and Europe, will use the money to fund its growth and global expansion strategy.

With a team of nearly 500 industry experts, the company provides trust, corporate and fund services solutions to individuals, international corporations, institutional investors and entrepreneurs.

ZEDRA Group deputy chairman Bart Deconinck said: “Corsair’s investment and support is a strong endorsement of ZEDRA’s differentiated value proposition, blue-chip client base, and long-term prospects.

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“Since our acquisition of Barclays’ offshore and onshore trust businesses a little over two years ago, ZEDRA has grown rapidly, building and strengthening our reputation for innovative and independent thinking.”

Subject to receipt of regulatory approvals, the transaction is expected to close in 2019.

Following the completion of the deal, Deconinck will become group executive chairman.