H.I.G. WhiteHorse, the credit affiliate of H.I.G. Capital (“H.I.G.”), provided £81m in first-lien, senior-secured credit facilities to Summit Group (“Summit”), a portfolio company of Sovereign Capital Partners (“Sovereign”), to refinance existing indebtedness and support the acquisition of R&H Jersey (“R&H”). Summit is a provider of fiduciary, administrative, and advisory services to a wide range of private clients.
  
Summit and R&H bring both complementary and supplementary benefits in service offerings, access to new jurisdictions, as well as strengthening the combined business’ infrastructure.  Following the acquisition, Summit will have more than 370 professionals, operating across an extensive international network with offices in Jersey, Guernsey, Switzerland, the UAE, the Cayman Islands, and the UK. Summit will also provide a diversified service offering of private wealth services, corporate services, fund administration, and support for Jersey and UK tax matters.

Derek Vaz, CFO of Summit, commented, "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, Partner at Sovereign, said, “We are delighted to have H.I.G. continuing to support Summit. 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, said, “We are excited to support Summit in pursuing this important strategic acquisition, which strengthens its footprint in Jersey and expands its service offering. We look forward to working with management and Sovereign as they explore their next growth opportunities.”

Michael Lucas, Managing Director at H.I.G. WhiteHorse Europe, said, “Summit has built a strong platform with an impressive track record of international expansion. The acquisition of R&H enhances Summit’s scale and solidifies its position as a leading private client business across the highly attractive Channel Islands market. We are pleased to provide a flexible financing solution to support this transaction.”