SMP Group of Companies, the financial services specialist headquartered in the Isle of Man, is to acquire Jersey-based trust and corporate services provider Helm Trust Company. The transaction is subject to regulatory approval.
Helm has been delivering trust and company administration services for more than 25 years and, for many international markets, has developed into a well established independent service provider in Jersey.
Lewis Buckley, Director of Helm, said: "This deal brings us the opportunity to internationalise while offering continuity to staff and clients. From our first conversations with SMP, it has been clear they share our ambitions, approaches, and principles, so we are confident it is the right fit for Helm. We look forward to regulatory approval of the deal in the very near future."
The announcement of the acquisition follows the completion of SMP's management buyout in June. David Hudson (pictured), Group CEO of SMP Group, commented: "When we announced our management buyout, we spoke of building momentum in the growth of the group. This deal represents the first step in delivering on that.
"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 to which we currently have limited access; and it has similar cultural and infrastructure expectations to the rest of our business."
The deal has been undertaken with the support of UK mid-market private equity house Palatine Private Equity, which guided SMP through its management buyout, with additional debt funding from Apera Asset Management.
Appleby acted as legal counsel to the SMP Group of Companies.