Concord Trust Company (“CTC”) announced that it has been acquired by IQ-EQ, a portfolio company of Astorg. CTC is a leading independent U.S. based trust company, with offices in New Hampshire and South Dakota. This transaction is the successful culmination of an initiative led by Peloton Advisory LLC to proactively identify an investor to provide liquidity to existing investors and support the management team in their continued growth of the business.
Founded in 2011, CTC provides open architecture, high-end, professional independent trustee services and related administration and compliance services to ultra high net worth individuals and their families. Its locations in New Hampshire and South Dakota provide its clients with access to well-established, progressive advantages in the states’ trust, regulatory and tax laws.
On transaction completion CTC principals, Christopher “Chip” Martin and Andrew Powell, will continue in their existing roles as President and Chief Operating Officer, respectively. Chip will join the global Private Wealth leadership committee led by Steve Sokić, Group Head of Private Wealth at IQ-EQ.
Commenting on the transaction, Chip Martin, President of CTC said, “We are very excited to join forces with IQ-EQ. IQ-EQ brings expertise and added resources that will help Concord Trust further support our clients and employees and keep us on our successful growth path. I believe their model of providing independent and complementary fiduciary and related administration services to clients’ trusted investment, legal and estate planning advisors matches well with our independent professional trustee model. I look forward to working with the IQ-EQ management team and the rest of my new colleagues worldwide to develop scale and expanded service offerings that will drive our next phase of growth.”
Serge Krancenblum, IQ-EQ Executive Chairman noted, “I’m delighted to welcome Chip, Andrew and the rest of the Concord Trust team to IQ-EQ. This latest investment, our first in the U.S. Private Wealth space, represents an extremely important and strategic step in our journey to become the leading service provider operating in the investor services space. Our company cultures, operational similarities and focus on providing high touch client service make for the perfect partnership. We believe that this transaction is good for clients, good for employees and good for IQ-EQ.”
Steve Sokić, Group Head of Private Wealth at IQ-EQ added, “We have a long and established legacy reputation in the Private Wealth trust sector globally and can with confidence say that Private Wealth fiduciary expertise is very much part of our Group’s DNA. I’m excited about the prospect of working with Chip and the rest of the Concord Trust team and look forward to what the future has to offer.”
IQ-EQ (https://iqeq.com/) is a leading investor services group providing a comprehensive range of compliance, administration, asset and advisory services to investment funds, global companies, family offices and private clients worldwide.
Peloton Advisory LLC provides M&A advisory to highly successful, privately-owned entrepreneurial companies and their owners.
