Synova is pleased to announce the realisation of Synova Fund IV’s investment in DM Financial (“DM” or the “Company”), generating a 4.7x gross multiple of invested capital. We are delighted to continue our partnership with DM’s Founder and CEO, Ian Doran, and his management team through the closing of Synova’s first continuation vehicle and a new investment from Synova Fund V, alongside significant reinvestment by management.
The continuation vehicle is co-led by existing Synova investors Schroders Capital and LGT Capital Partners. Incumbent lender Bank of Ireland will continue to support DM, having provided a new financing facility as part of the transaction.
Since Synova’s initial investment in 2021, DM has more than tripled revenue and EBITDA and expanded its international presence from three to seven countries. DM has combined strong organic growth with four strategic acquisitions, expanding its geographic reach and breadth of services. It now supports leading alternative investment managers and fund administrators with a broad offering spanning financial reporting, accounting and regulatory services.
The next phase will focus on continued organic growth, targeted acquisitions and international expansion, together with further investment in DM’s people and technology.
David Menton, Managing Partner at Synova, said:
Ian has been an outstanding partner since we first invested in DM. His vision coupled with his focus on clients has been central to DM’s success, and we are grateful for the trust he and his team have placed in Synova. Ian has built a firm that combines technical excellence with a culture people want to be part of, and that has been the foundation of everything DM has achieved. It is a pleasure to continue our partnership with him.
Sunil Jain, Partner at Synova, said:
We are proud to have supported DM as it scaled into an international platform, providing exceptional service to clients and earning the trust of some of the world’s largest alternative asset managers. We are particularly pleased with this transaction, which delivers a strong return for our Synova Fund IV investors while providing capital for further investment and growth. We are delighted to have Schroders Capital and LGT Capital Partners alongside Synova Fund V as we continue our partnership with Ian and his team in the next stage of DM’s growth.
Ian Doran, Founder and CEO of DM Financial, said:
When we partnered with Synova, our aim was to develop an Ireland-centric specialist into a truly international fund services business. Today, leading alternative investment managers rely on us across their key fund jurisdictions. We have achieved that by investing in our people, broadening our service offering and developing our in-house technology. I am particularly proud that we have maintained the quality of our service as the business has grown. With Synova’s continued support, we see significant opportunities to expand our services and geographic reach, while continuing to deliver for our clients.