SGG, the Luxembourg-based, Netherlands-founded financial services firm, has acquired Jersey-based First Names from its private equity backers, AnaCap Financial Partners.
SGG Group, which was established in 1896, bought First Names Group from AnaCap at 2.6 times the latter’s original price. London-based AnaCap bought First Names five years ago. SGG Group’s major shareholder and long-term financial backer is European private equity firm Astorg Partners, based in Paris.
Serge Krancenblum, SGG’s Group CEO, said, “This is a key milestone for the SGG Group. First Names Group complements our offering and jurisdictional capabilities in our key client segments. Beside their impressive leadership and client base, First Names Group has a similar history and shares our values. I am certain that there will be an excellent cultural alignment between our two firms and that together we will take our combined group to new heights.”
A bright future
The decision to join forces is seen as further strengthening SGG Group’s presence in key markets such as Jersey, Guernsey, the Isle of Man, Switzerland and Cyprus. Mark Pesco, First Names Group CEO, called it a “hugely exciting opportunity”, saying the deal “will bring a wealth of new opportunities for our newly combined businesses, everyone within it and especially for our clients. We have built a great business with the active backing and support of AnaCap. As part of SGG Group we have an extremely bright future and this deal positions us to take this business to its full potential.”