Athol Street law firm Cains helped with the management buy-out of SMP Partners.

SMP Partners is a corporate services provider based in Lord Street, Douglas.

The buy-out, which is subject to regulatory approval, will result in the appointment of a new group chief executive officer, David Hudson.

Cains has previously acted for the current management team when SMP Partners was created in 2007 through a management buy-out from Fortis Intertrust.

Under the current management team, SMP Partners has grown and now has 200 staff spanning seven global offices.

Cains’ corporate team, which was led by Tristan Head with the support of Scott Leonard-Morgan, Andrew Baker and Matthew Wilkinson, acted as lead legal advisors to the current owners of SMP Partners, assisting with the preparation and negotiation of the various sale transaction documents.

Tristan Head, a director of Cains, said: ’SMP Partners has been a long-standing and valued client of Cains since its creation in 2007 and we are absolutely delighted to assist the current management of SMP Partners in connection with such a significant transaction.

’The management buy-out represents an exciting new chapter for SMP Partners and we wish David and his new management team all the best for the future.’

Steve McGowan, group chairman of SMP Partners, said: ’We are delighted to have once again worked with the Cains corporate department following their assistance 12 years ago with completing our initial buy-out which started the SMP story.

’Due to their commitment, professionalism and advice I could not think of a better firm to have had by my side.’