Summit Group, a Guernsey based independent provider of fiduciary and administrative services, acquired Sanctuary, a Dubai, UAE-based provider of services to entrepreneurs and families, with support from Sovereign Capital Partners.
The amount of the deal was not disclosed.
With the acquisition, Summit Group will expand its offerings.
Led by CEO Deepak Malhotra, Sanctuary is a provider of services to entrepreneurs and families in the UAE, offering a range of fiduciary, tax and advisory services that cater to complex requirements of clients in the region. It broadens the range of services the combined group can offer to clients and increases the number of international locations to serve them from.
Led by CEO Matt Claxton, Summit Group is an independent fiduciary and administrative services group. It is specialized in providing fiduciary and administrative services with a focus on solutions to help its clients grow, protect and pass on their wealth.
Commenting on the news, Matt Claxton said: “I’m delighted to welcome everyone at Sanctuary into the Summit Group. It’s clear from our collaboration over the last few months that the leadership team of Sanctuary are like-minded partners. Summit and Sanctuary share a passion for helping clients achieve success and navigate an increasingly complex world. Both pride themselves on providing a personalised, professional and high-quality service to help clients achieve their goals. We are both committed to caring for and supporting our colleagues, and playing a positive role in the communities in which we live and work. The combination of our businesses is going to bring benefits to our clients and provide more opportunities for members of both teams.”
Sovereign Capital Partners is a specialist investor focused on partnering with talented management teams and high-quality businesses, in specific service-based sectors, to deliver accelerated growth both in the UK and internationally.
FinSMEs
23/01/2024