Palatine backs management buyout of SMP Partners

Financial details of the transaction remain undisclosed, though Palatine is currently investing from its third flagship fund, which closed on £220m in 2015 and typically writes equity cheques of £10-30m.

The company will pursue an acquisitive growth strategy under its new owners.

As part of the deal, SMP's group business development director David Hudson will take on the role of CEO. Steve McGowan will remain in his current role as a non-executive director and Stephen Turner will continue as CEO of the Caribbean region.

The transaction is subject to regulatory approval.

Company
SMP was founded in 2007 as a carve-out from Fortis Intertrust. The Isle of Man-headquartered group provides corporate and trust structuring, accounting and tax, gaming and fund services to corporate clients and high-net-worth individuals. SMP has a headcount of around 200 including its additional operations in Jersey, Malta, Hong Kong, Bahamas, Cayman Islands and Switzerland.

People
Palatine Private Equity – Gary Tipper, Andy Lees (partners); Andy Strickland (senior investment director); Tom Wildig (investment director).
SMP Partners – David Hudson (CEO).

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• Topics
• Buyouts
• UK / Ireland
• Financials
• United Kingdom
• Palatine Private Equity
• Buy-and-build