According to reports, a French private equity firm has agreed to buy ACAMS, a financial training firm, for $500 million.
Wendel, based in Paris, announced that it has entered into an agreement with Colibri Group to acquire the Financial Services division of ACAMS parent company Adtalem Global Education.
Wendel will purchase the Association of Certified Anti-Money Laundering Specialists (ACAMS) as part of the deal, with ACAMS President and Managing Director Scott D. Liles taking over as CEO of the Chicago-based training firm.
The $500 million deal will include a $355 million equity investment from Wendel in exchange for a 99 percent stake in ACAMS and is expected to close in the first half of 2022.
ACAMS reported $83 million in revenue for the year ending September 2021. It now has 90,000 international members and 275 employees in the United States, the United Kingdom, and Hong Kong.
"We are enthusiastic about the opportunity to invest in ACAMS, a global leader in training and certifications for financial crime prevention," said André François-Poncet, Wendel Group CEO, and David Darmon, Wendel's Deputy CEO, in a statement.
"ACAMS is a successful mission-driven organisation aligned with Wendel’s values. As a provider of services that ultimately reduce the funding of terrorism and human trafficking (among other nefarious activities), it fits well with Wendel’s CSR values. The investment represents a new milestone in our 2021-24 roadmap, and our announced target to accelerate the redeployment of our capital toward companies with higher growth rates. "
Scott Liles, the CEO of ACAMS, stated that the organization was looking forward to "partnering with Wendel in this next phase of ACAMS’ history"
"Wendel’s long-term investment philosophy and shared values are well suited to support ACAMS’ mission, our people, and our commitment to our global membership," he continued.
"We are appreciative of the support and investment Adtalem has provided over the past several years and look forward to working with Wendel as we transition to a stand-alone business and seek to further expand our reach and impact," Liles said.
Adtalem Global Education bought ACAMs from US private equity firm Warburg Pincus for $330 million in 2016.
By fLEXI tEAM