First Names Group expansion plans given RBS, Alcentra cash boost

First Names Group is set to continue its expansion plans following a freshly-agreed cash injection deal provided by Alcentra and Royal Bank of Scotland.

The financial transaction, announced by the firm in a statement today, has been secured to continue the organisation’s growth as it bids to become one of the largest independent trust and corporate services providers in the world.

Royal Bank of Scotland (RBS) has provided financing to First Names Group since its management buyout in 2012, and continues to finance the firm, alongside a new facility provided by Alcentra. Together, they will bring the group new long-term sustainable financing opportunities as the firm continues to be on the look out for potential acquisitions.

Cengiz Somay, First Names Group’s chief executive (pictured above), said that backing from the group’s majority shareholder AnaCap Financial Partners II, LP, has helped the company treble in size and double the number of offices that it operates from across the world across the last four years.

New cash boost

And now with the new cash boost, he hopes that the growth, both organically and through strategic acquisitions, can continue

“We have successfully bought and integrated businesses and this new financing model will facilitate our future inorganic growth,” he said. “It will also provide us with the funds needed to continue to invest in our people and infrastructure.”

Pascal Meysson managing director of Alcentra Ltd, dubbed the transaction an “exciting refinancing deal” that will assist as the company “rightly focuses on the most robust offshore jurisdictions”.

700 employees

First Names Group was established in the Isle of Man in 1988 before the international trust, fund, real estate and corporate administration services specialist rebranded after the management buy-out in 2012.  It now has more than 700 employees and offices in Jersey, Guernsey, Isle of Man, Cyprus, Switzerland, Luxembourg, The Netherlands, Ireland, UK, USA, Singapore, Hong Kong, the British Virgin Islands and Japan.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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