H.I.G. WhiteHorse Supports Summit Group's Strategic Acquisition Financing

H.I.G. WhiteHorse Announces Financing for Summit Group

In a significant development in the financial services sector, H.I.G. WhiteHorse, a prominent subsidiary of H.I.G. Capital, has provided an impressive £81 million secured credit facility to the Summit Group. This funding is aimed at refinancing existing debts as well as supporting Summit's acquisition of RH Jersey, which is expected to enhance the firm’s service offerings.

Summit Group specializes in trust, administrative, and consulting services for a diverse clientele, and the acquisition of RH Jersey is poised to create synergistic benefits by combining complementary strengths. This integration is anticipated to not only broaden Summit's service scope but also bolster its operational capabilities. After the acquisition, Summit will have a robust workforce of over 370 employees across an extensive international network with offices in strategic locations such as Jersey, Guernsey, Switzerland, UAE, the Cayman Islands, and the UK.

With the backing of H.I.G. Capital, which manages around $70 billion in capital, this collaboration signifies a crucial step in Summit's growth trajectory. Derek Vaz, CFO of Summit, expressed enthusiasm about continuing to develop their partnership with H.I.G., recognizing the supportive role of their investment strategy in achieving significance in service diversification and market expansion.

James Dragan, a partner at Sovereign Capital Partners, echoed this sentiment, noting the positive trajectory of their partnership with H.I.G. since the initial investment, which has resulted in a fourfold increase in Summit's size.

Pascal Meysson, Head of H.I.G. WhiteHorse Europe, remarked on the strategic nature of this acquisition, emphasizing that it strengthens Summit's presence in Jersey and enhances its overall service delivery.

H.I.G. WhiteHorse has made a name for itself as a flexible financing provider, particularly for mid-market enterprises seeking growth opportunities. Michael Lucas, Managing Director at H.I.G. WhiteHorse Europe, highlighted Summit’s impressive track record in expanding internationally, asserting that the acquisition of RH aligns with their strategy to solidify their leadership in the Channel Islands' private customer market.

Through this financing, H.I.G. demonstrates its commitment to fostering growth in exemplary companies. Sovereign Capital Partners, founded in 2001, has shown prowess in buy-and-build strategies within sectors like corporate services, healthcare, and education, making this collaboration with H.I.G. an ideal match for the evolving needs of Summit’s clientele.

As Summit prepares to leverage the benefits of this acquisition, it is well-positioned to provide an expanded range of services including private wealth management, corporate services, fund administration, and tax advisory assistance in Jersey and the UK. This move not only highlights H.I.G. Capital’s strategic investment approach but also showcases the accelerating pace at which the financial services landscape is evolving.

Summit and RH's merger indicates a promising horizon for enhanced customer satisfaction through diversified service offerings, ultimately aiming to create a significantly stronger entity within the market. H.I.G. WhiteHorse’s flexible financing solution has been pivotal in facilitating this important transaction, reiterating its role as a trusted partner for firms aiming for quantitative expansion and improved market presence.