Private equity firm Palatine has backed the management buyout of SMP Group, which provides corporate, trust and professional services.
The buyout is part of a planned leadership succession process which sees SMP's Group Business Development Director David Hudson appointed as its new CEO.
SMP Group was created in 2007 through a management buyout from Fortis Intertrust. It is headquartered in the Isle of Man and employs 200 people across seven global offices.
The investment by Palatine will be used to support further acquisitions.
Andy Lees, Partner at Palatine Private Equity, said: “SMP is a business with a visionary leadership team, an entrepreneurial culture, and really strong fundamentals. We believe it has huge potential both in its traditional markets and its emerging service offerings.”
David Hudson, CEO of SMP Group, added: “The backing we have secured gives us the opportunity to further invest in our people, culture and brand and will facilitate a more aggressive growth strategy that harnesses the inherent skills and capabilities of our highly talented team.”