A global professional and financial services firm headquartered in the Isle of Man is set to acquire Jersey-based trust company Helm.
Subject to regulatory approval, SMP Group will be taking over the trust and corporate services provider, which has been working across international markets for more than 25 years.
Lewis Buckley, Director of Helm, said: "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. We look forward to regulatory approval of the deal in the very near future."
David Hudson, Group CEO of SMP Group, added: ‘When we announced our management buyout, 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 it has 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 whom will be welcomed into our team with open arms."
The deal has been undertaken with the support of Palatine Private Equity LLP, the UK mid-market private equity house that guided SMP through its management buyout earlier this year, with additional debt funding from Apera Asset Management.
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