H.I.G. WhiteHorse Extends Major Financing to Summit Group for Strategic Expansion
In a significant development for the financial services industry, H.I.G. WhiteHorse, the credit division of regarded investment firm H.I.G. Capital, has recently announced that it has granted £81 million in first-lien, senior-secured credit facilities to Summit Group. This financing is part of an ambitious strategy aimed at refinancing existing debts and facilitating important acquisitions, specifically the acquisition of RH Jersey, a company that provides diversified fiduciary and advisory services.
H.I.G. Capital, which boasts a robust $70 billion in capital under management, is noted for specializing in flexible debt and equity investments in mid-market companies. Their latest engagement with Summit Group reflects their ongoing commitment to fostering growth through strategic acquisitions, especially in markets poised for expansion. The partnership positions H.I.G. not just as a financier, but as a vital ally in Summit Group's evolution towards becoming a more integrated service provider in the private fiduciary and administrative sectors.
Summit Group, backed by Sovereign Capital Partners, is recognized for its portfolio that includes a wide array of services catering to private clients. The acquisition of RH Jersey is anticipated to create complementary synergies, enhancing both firms' capabilities in navigating new jurisdictions and diversifying their combined service offerings. Following this acquisition, Summit will significantly bolster its workforce to over 370 professionals spread across several major locations, including Jersey, Guernsey, Switzerland, the UAE, the Cayman Islands, and the UK, thereby expanding its operational footprint.
Derek Vaz, CFO of Summit, expressed enthusiasm about this deal, stating that it marks a pivotal point in their growth trajectory and underscored the importance of their collaboration with H.I.G. The acquisition is projected to strengthen Summit's foundation in the market, augmenting its position as a leading private client services entity within the Channel Islands. From advisory to wealth management and corporate services, the integration of RH Jersey into Summit’s offerings is designed to enhance responsiveness to client needs while also maximizing operational efficiencies.
James Dragan, from Sovereign Capital, acknowledged the fruitful partnership with H.I.G. and highlighted the tremendous growth Summit has experienced since their initial investment, praising the collaborative ethos that has characterized their relationship. Since H.I.G.'s involvement, Summit has quadrupled in size, navigating market challenges with a strategic focus that underscores their business model.
Pascal Meysson, the Head of H.I.G. WhiteHorse Europe, emphasized the importance of this acquisition. He stated, "We are excited to support Summit in this strategic move, which not only deepens their market presence in Jersey but also expands their suite of services. We firmly believe this partnership lays the groundwork for more growth opportunities."
Michael Lucas, a Managing Director at H.I.G. WhiteHorse Europe, remarked on Summit's historical performance, highlighting their success in international expansion and the substantial benefits that the RH acquisition will confer. He noted that supporting such transactions aligns perfectly with H.I.G.'s mission of offering flexible financial solutions that ensure their partners achieve and surpass their growth targets.
The acquisition of RH Jersey is also a strategic maneuver aimed at heavy diversification, as it will allow Summit Group to enhance its existing capabilities in corporate services, wealth management, and fund administration. With a robust operational network, Summit is well-poised to leverage this acquisition to propel itself into new markets while providing an enhanced level of service diversity to their existing clientele.
Given H.I.G. Capital's expertise and focus on growth through operational efficiencies, their support for Summit Group signals a broader trend in the industry where strategic acquisitions are becoming increasingly essential for scaling business operations in competitive environments. The future looks promising for Summit Group as it embarks on this new chapter of growth and service expansion, equipped with the necessary financing support to realize its ambition.
For additional insights and future updates, both companies maintain an open line of communication with stakeholders, ensuring that the collaborative efforts continue to flourish in a competitive landscape. This partnership serves as a noteworthy example of how strategic financing can effectively transition businesses into new phases of growth and market penetration.
H.I.G. Capital, which boasts a robust $70 billion in capital under management, is noted for specializing in flexible debt and equity investments in mid-market companies. Their latest engagement with Summit Group reflects their ongoing commitment to fostering growth through strategic acquisitions, especially in markets poised for expansion. The partnership positions H.I.G. not just as a financier, but as a vital ally in Summit Group's evolution towards becoming a more integrated service provider in the private fiduciary and administrative sectors.
Summit Group, backed by Sovereign Capital Partners, is recognized for its portfolio that includes a wide array of services catering to private clients. The acquisition of RH Jersey is anticipated to create complementary synergies, enhancing both firms' capabilities in navigating new jurisdictions and diversifying their combined service offerings. Following this acquisition, Summit will significantly bolster its workforce to over 370 professionals spread across several major locations, including Jersey, Guernsey, Switzerland, the UAE, the Cayman Islands, and the UK, thereby expanding its operational footprint.
Derek Vaz, CFO of Summit, expressed enthusiasm about this deal, stating that it marks a pivotal point in their growth trajectory and underscored the importance of their collaboration with H.I.G. The acquisition is projected to strengthen Summit's foundation in the market, augmenting its position as a leading private client services entity within the Channel Islands. From advisory to wealth management and corporate services, the integration of RH Jersey into Summit’s offerings is designed to enhance responsiveness to client needs while also maximizing operational efficiencies.
James Dragan, from Sovereign Capital, acknowledged the fruitful partnership with H.I.G. and highlighted the tremendous growth Summit has experienced since their initial investment, praising the collaborative ethos that has characterized their relationship. Since H.I.G.'s involvement, Summit has quadrupled in size, navigating market challenges with a strategic focus that underscores their business model.
Pascal Meysson, the Head of H.I.G. WhiteHorse Europe, emphasized the importance of this acquisition. He stated, "We are excited to support Summit in this strategic move, which not only deepens their market presence in Jersey but also expands their suite of services. We firmly believe this partnership lays the groundwork for more growth opportunities."
Michael Lucas, a Managing Director at H.I.G. WhiteHorse Europe, remarked on Summit's historical performance, highlighting their success in international expansion and the substantial benefits that the RH acquisition will confer. He noted that supporting such transactions aligns perfectly with H.I.G.'s mission of offering flexible financial solutions that ensure their partners achieve and surpass their growth targets.
The acquisition of RH Jersey is also a strategic maneuver aimed at heavy diversification, as it will allow Summit Group to enhance its existing capabilities in corporate services, wealth management, and fund administration. With a robust operational network, Summit is well-poised to leverage this acquisition to propel itself into new markets while providing an enhanced level of service diversity to their existing clientele.
Given H.I.G. Capital's expertise and focus on growth through operational efficiencies, their support for Summit Group signals a broader trend in the industry where strategic acquisitions are becoming increasingly essential for scaling business operations in competitive environments. The future looks promising for Summit Group as it embarks on this new chapter of growth and service expansion, equipped with the necessary financing support to realize its ambition.
For additional insights and future updates, both companies maintain an open line of communication with stakeholders, ensuring that the collaborative efforts continue to flourish in a competitive landscape. This partnership serves as a noteworthy example of how strategic financing can effectively transition businesses into new phases of growth and market penetration.
Topics Financial Services & Investing）
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