Palatine Private Equity has completed an MBO with SMP Group, the corporate, trust and professional services provider.

The MBO, which is subject to regulatory approval, comes as part of a planned leadership succession process at the Isle of Man headquartered business, which will see the appointment of a new group CEO, David Hudson.

Created in 2007 through a management buyout from Fortis Intertrust and with an unbroken record of financial success, SMP Group has grown into an international provider of corporate and trust services, employing over 200 people across seven global offices.

New CEO David Hudson has been on the board of the company since 2011 as the Group Business Development Director, and has been one of the driving forces behind its impressive financial growth. Other additions to the group board will include Anne Baggesen, Ian Begley, Daniel Cadamy and Ted Pepper. Steve McGowan is to stay on as a non-executive director, and Stephen Turner, remains as CEO of the Caribbean region.

The investment builds on Palatine’s expertise in the financial and professional services sector, with a track record that includes Wealth at Work, Wren Sterling, John Charcol and MoneyPlus Group. With Palatine’s sector experience and track record of buy-and-builds, further acquisitions are planned.

The deal was led by Palatine Partners, Gary Tipper and Andy Lees, Senior Investment Director Andy Strickland and Investment Director Tom Wildig.

Andy Lees, Partner at Palatine Private Equity, commented: “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.

This next step in the story of SMP is about two things: continuity and opportunity. In the many areas in which we excel, our clients, employees, and suppliers can expect continuity from board members who have been pivotal to our past successes. In the areas where we can still break new ground, we will continue to create and seize opportunities with the professional energy and creativity for which we have long been known.

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.

David Hudson
CEO, SMP Group