Equiom, the Isle of Man-based, internationally-focused trusts and corporate services provider, has acquired two rival entities as it continues to expand its global footprint: DF Corporate Services in Malta, and Carey Group Monaco.
Both acquisitions were completed at the end of last month, the company said in a statement. It didn’t say how much it paid for the businesses or provide other financial details of the two deals.
Equiom said DF Corporate Services’ seven member team would “complement” Equiom’s existing Maltese business with expertise in such corporate services areas as company formation, trust, fiduciary and support functions, such as back office and accounting services. The DF Corporate Services executives are expected to join their Equiom Malta colleagues “in a new office towards the end of the year”, Equiom added.
In Monaco, the Carey Group outpost, led by Stephane Postifferi, would give Equiom entry for the first time into this “key” jurisdiction, while enabling it as well to leverage its expertise in the business of yacht management, Equiom said.
Some twenty staff from the Carey Group Monaco have now joined Equiom, and the business will continue to operate from its Monaco location, with the rebranding expected to complete “in the coming weeks”, Equiom added.
Equiom global chief executive Sheila Dean said the deals would allow the company to “develop our current service offering and expand our presence in Europe”, and would help it to “raise the bar higher in terms of the service we offer to clients”.
Equiom is one of a number of cross-border corporate services providers that have been growing rapidly over the last five years, often but not exclusively by acquiring rivals and companies in the same sector but in different markets. Among the markets in which it has a presence, either itself or via partnership arrangements, besides the Isle of Man and Singapore, are the British Virgin Islands, Hong Kong, Japan, Guernsey, Jersey, Malta, Scotland, Qatar and the United Arab Emirates.
As reported here last month, it recently lured one of the co-founders of a Jersey-based rival, the Enhance Group, Richard Sayers, to head up its key Singapore operation.