Isle of Man-based corporate services provider Middleton Katz has announced a deal to join global professional and financial services firm SMP Group. The transaction has been approved by the Isle of Man Financial Services Authority.
Middleton Katz provides corporate, tax and accounting services.
It is SMP’s second acquisition since the group completed its management buy-out on 14 June.
Earlier this month SMP announced a deal to acquire independent trust and company administrator Helm Trust Company Limited. The transaction is subject to regulatory approval.
This transaction and the Middleton Katz deal are undertaken with the support of Palatine Private Equity LLP, the UK mid-market private equity house that guided SMP through its management buyout, with additional debt funding from Apera Asset Management.
Martin Katz, principal of Middleton Katz, said, “I am incredibly proud of the business and sense of community we have built; as a small, close-knit team, we have consistently punched above our weight in terms of the services we deliver. However, joining a larger group gives us the back-office support we need to extend and improve the services we offer clients much farther than we could alone,” he said.
Katz added that SMP was a clear candidate from the beginning for his firm. “We have dealt with them many times in the past and [have] always been treated fairly and respectfully, so we already have strong relationships with many of their team.”
David Hudson, CEO of SMP Group, said, “Middleton Katz is an efficient and highly skilled company that is well-loved and respected by both clients and staff for its personable and reliable service and culture. We know they will integrate very naturally into our business, and we believe our shared history and ambitions will be hugely beneficial for their clients and staff.”
In June, SMP Group secured the necessary regulatory approvals in seven jurisdictions for a management buyout first announced in February.