Palatine completes MBO of SMP Group


Palatine Private Equity has completed the management buyout of SMP Group, following the receipt of regulatory approval

Established in 2007, SMP Group has grown into a leading international provider of fund administration and corporate and trust services. Headquartered in the Isle of Man, the company now employs over 200 people across seven global offices, which include Jersey, Switzerland, Malta, Hong Kong, Cayman Islands and the Bahamas.

The MBO comes as part of a planned leadership succession process which will see the former group business development director, David Hudson, move into the role of group CEO. He will be supported by an executive board drawn from within the existing leadership team, consisting of Anne Baggesen, Ian Begley, Daniel Cadamy and Ted Pepper.

David Hudson has been on the board of the company since 2011 and has been one of the driving forces behind its impressive financial growth. Steve McGowan is to stay on as a non-executive director and Stephen Turner remains as CEO of the Caribbean region.

The deal was led by Palatine partners, Gary Tipper and Andy Lees, senior investment director Andy Strickland and investment director Tom Wildig. Additional debt funding was provided by Apera Asset Management.

The business has grown historically both organically and by acquisition. The new funding package allows the business to continue with its buy and build strategy.

SMP has already exchanged on its first deal following Palatine’s investment, acquiring Jersey based business Helm. Helm has been delivering independent trust and company administration services for over 25 years. The group now has real scale in the Isle of Man, Jersey and the Caribbean which allows SMP to offer its clients a truly global service.

Andy Lees, partner at Palatine Private Equity, commented: “We are delighted to announce the completion of the MBO of SMP. The management team has ambitious plans including a buy and build programme with several targets already identified. We look forward to supporting the team over this exciting phase of development.”

The successful completion of the MBO with the blessings of the regulators in each of our jurisdictions is a significant milestone in SMP’s journey. What we are celebrating today is a big step, but not the only one, and our positive momentum as a group continues to build day by day as we invest and develop every area of our business. I’m pleased to say we expect many more significant milestones to be celebrated in the very near future.

David Hudson

CEO at SMP Group