Acquarius Trust Company Limited announces completion of Management Buyout; new ownership poised to continue growth plans.

A statement from Acquarius Trust Company Limited follows below:

The buyout marks the successful exit of founder Nick Cruz from the business that he co-founded in 1998. The firm is now led by owner-managers Oliver Andlaw and Gareth Cross.

The two executive directors of local trust company and corporate services provider Acquarius Trust Company Limited (“Acquarius”) have completed a management buy-out from its previous ownership. The terms of the deal have not been disclosed but Acquarius’ founder, Nick Cruz, has relinquished his shares under the terms of the deal.

He said, “I am delighted that the business I co-founded with Sergio Garcia more than a quarter of a century ago is to remain in local hands and dare I say it family hands and will continue to be an owner-managed, director-led business. It feels satisfying to have planted a tree almost thirty years ago whose shade the next generation will enjoy.” He added, “I would like to thank all those who have helped me and the team over the years that has brought Acquarius to this point. I know that the business is in the most capable hands, and I will remain close by to provide any support required.”

Following the MBO Acquarius will continue its focus on long-term innovation, deepening relationships with existing clients and their advisers. It will also explore new opportunities in emerging markets as well as further carefully selected acquisitions, adding to the three successful transactions completed in recent years. 

Oliver Andlaw remains Chief Executive Officer and Gareth Cross as Chief Operating Officer. Paul Miles will continue in his role as Non-Executive Chairman. There are no planned personnel changes. Oliver Andlaw said, “since joining the firm a decade ago, I have been proud to work alongside Nick Cruz as the business has grown. I am delighted that the platform Nick, Sergio and others have built over the last quarter century has led to the successful completion of this transaction. Nick’s successful exit from the business he co-founded is a testament to his dedication and hard work over the years. I wish him continued success in his future endeavours.”

Oliver went on to stress that, together with COO Gareth Cross, the new owner-managers are keen to ensure continuity as Acquarius begins the next chapter in its development. He also expressed his appreciation to Acquarius’ clients, some of whom have been in place from the start, for their loyal support. He said, “I want to reassure our clients and dedicated staff that the Board will continue to develop exciting plans for the future. These will ensure Acquarius builds on its fine reputation locally for delivering world class financial services while also being a great place to work.” 

Acquarius Owner-Managers Gareth Cross, COO (left) and Oliver Andlaw, CEO