Palatine Private Equity owned SMP Group, a professional and financial services group headquartered in the Isle of Man, is to acquire Helm Trust Company Limited, a trust and corporate services provider based in Jersey.
The transaction is subject to regulatory approval.
Helm has been delivering independent trust and company administration services for over 25 years.
The transaction comes under a month after Palatine completed a management buyout of SMP Group, which saw David Hudson, the former group business development director move into the role of group CEO.
Hudson says: “When we announced our MBO, we spoke of quickly building momentum in the growth of the group. This deal represents the first step in delivering on that promise. It is an excellent fit for several reasons: Jersey is a key strategic jurisdiction in which we intend to invest heavily, Helm has developed strong networks in overseas markets we currently have limited access to, and they have very similar cultural and infrastructure expectations to the rest of our business. We’re extremely excited to start working with our new colleagues, every one of which will be welcomed into their new team with open arms.”
Andy Lees, partner at Palatine Private Equity, says: “Helm represents a very significant acquisition for SMP. The Group now has real scale in the Isle of Man, Jersey and the Caribbean and we are aiming to add to this with further acquisitions. With additional international reach, SMP can offer its clients a truly global service.”
Lewis Buckley, Director of Helm, says: “This is an extremely exciting deal because it brings us the opportunity to internationalise our ambitions whilst offering continuity to staff and clients alike. SMP is a very well-respected business and from our very first conversations it has been clear they share our ambitions, approaches, and principles, so we are confident it is the right fit for Helm and the people who rely on us.”
The deal has been undertaken with funding from Apera Asset Management.