Two firms that provide administrative services to funds, Ultimus Fund Solutions and HedgeServ, are seeking new investors as the dealmakers wait for mergers to rebound.
In the first transaction, Ultimus, which is backed by private equity firm GTCR, has hired advisors to run a process, according to four banking sources. Ultimus produces $90 million to $100 million Ebitda and could sell for 20 times Ebitda or $2 billion, the people said.
