Guernsey-headquartered businesses Oak Group (“Oak”) and PraxisIFM (“PIFM”) plan to merge their global operations. Heads of Terms, which enable both companies to start formal negotiations, have been agreed and signed.
Established in 2018 through the consolidation of four carefully selected businesses bringing together a collective 60 years of experience, Oak operates across six jurisdictions with approximately 200 employees worldwide.
Stuart Platt-Ransom and Robert Fearis
PIFM listed on TISE in 2017 and has acquired a number of businesses since, including Nerine Group and Jeffcote Donnison. It has over 490 employees across 17 jurisdictions.
Stuart Platt-Ransom, CEO of Oak said: "It’s ultimately about what the expanded platform will allow us to do for our clients and our employees. Increasingly, our industry is catering to private and corporate clients with an international footprint and the combined business will enable us to offer them the global services they need through a single, personalised relationship. The objective of the enlarged business will be to transform it into a world-class operation with a strong operational focus and leading people strategy.
PIFM’s CEO, Robert Fearis, said: “We believe that this deal will create a truly significant independent financial services group and we are delighted to be in close discussions with such a well-respected and complementary specialist in the sector as Oak Group. We share the same culture, values and ambitions and joining together would place the combined company in the top tier of global offshore financial services providers.”
Senior leaders from both businesses will form the new management team. The proposed deal is subject to due diligence, regulatory and shareholder approvals.