#H.I.G. Capital #London #United Kingdom #Summit Group #Sovereign Capital

H.I.G. WhiteHorse Provides Financing to Summit Group

In a significant move within the alternative investment sector, H.I.G. WhiteHorse has announced the provision of £81 million in first-lien, senior-secured credit facilities to Summit Group. This strategic financial support aims to refinance existing debts and facilitate the acquisition of RH Jersey, enhancing Summit's operational capacity.

Who is Summit Group?

Summit Group, a prominent player in the fiduciary sector, specializes in offering a wide array of administrative and advisory services to private clients. This acquisition underscores Summit's commitment to expanding its services while also increasing its geographical reach and operational capacity. With the acquisition of RH Jersey, Summit aims to fortify its presence in the financial services landscape, particularly in the Channel Islands, known for its attractive tax frameworks.

Strategic Enhancements

The merger between Summit and RH is positioned to deliver both complementary and supplementary advantages in their service offerings. By uniting their resources, the two firms will increase their workforce to over 370 skilled professionals spread across an extensive network with offices located in key jurisdictions, including Jersey, Guernsey, Switzerland, the UAE, the Cayman Islands, and the UK.

Post-acquisition, Summit plans to offer a diversified range of private wealth services, corporate services, fund administration, and extensive support for tax matters concerning Jersey and the UK. This strategic alignment is expected to place Summit in a stronger position to serve both existing and prospective clients effectively.

Insights from Leadership

Derek Vaz, the Chief Financial Officer of Summit, expressed excitement over this new phase of evolution. He remarked, "This is an exciting juncture in our evolution, and I am delighted that we are able to continue to build on our strong working relationship with Michael and the team at H.I.G."

James Dragan, a Partner at Sovereign Capital, echoed this sentiment, emphasizing the successful partnership with H.I.G. He stated, "We have quadrupled the size of the group since H.I.G. first invested, and it has been a collaborative partnership to create a scaled, global trust, and corporate services group."

Pascal Meysson, Head of H.I.G. WhiteHorse Europe, conveyed anticipation towards the acquisition's potential, indicating, "We are excited to support Summit in pursuing this important strategic acquisition, which strengthens its footprint in Jersey and expands its service offering."

H.I.G. Capital: A Key Player

H.I.G. Capital, the parent company of WhiteHorse, is a leading alternative investment firm with an impressive portfolio of over $70 billion in managed capital. The company, established in 1993, specializes in providing both debt and equity capital to middle-market firms through a flexible and operationally focused approach. With global offices and a broad investment strategy across various sectors, H.I.G. continues to support firms like Summit Group in their growth trajectories.

By facilitating this acquisition, H.I.G. positions itself as a pivotal partner in Summit's strategic initiatives, bolstering its market position and service capabilities. H.I.G. WhiteHorse's capability to provide tailored financing solutions enhances the prospects for Summit Group as it continues to evolve and expand its footprint in the financial sector.

Conclusion

This financing arrangement marks a significant step for Summit Group as it seeks to strengthen its service offerings and operational footprint. With continued support from H.I.G. WhiteHorse and its strategic approach towards acquisitions, Summit Group is poised to capitalize on growth opportunities in the high-demand sector of private client services. This collaboration not only highlights the trust in H.I.G.'s investment strategies but also reinforces the confident trajectory of Summit Group in the evolving landscape of financial services.