Leading international trust, fund and corporate service provider First Names Group is delighted to announce it has completed a transaction to purchase Citadel Services PSF Sàrl in Luxembourg.
The acquisition of Citadel is the Group’s third acquisition this year and will provide the Group with a much sought after presence in Luxembourg. Earlier this year the Group bought international fund business Moore and trust and corporate service provider Basel, providing the Group with a greater global presence and increased headcount to 460 ‘First Names’ across nine strategic locations.
Established in 1984, Citadel is an administration organisation offering corporate services from consultancy to accounting and, covers aspects of international tax planning, company and trust formation, and on-going administration for all associated structures.
Citadel and its team will begin operating under the new brand in the second quarter of 2014.
Managing director of Citadel, Simon Baker comments: “I am very impressed with First Names Group, it has a fantastic reputation and it has been a pleasure working with those involved on this transaction. It is a really exciting time for Citadel, the acquisition will integrate the business in to a much larger Group and present mutually beneficial opportunities for the future.”
Morgan Jubb, chief executive officer at First Names Group adds: “We have achieved a great deal in the last 12 months and our expansion into Luxembourg is a natural progression as we have been keen to gain a strategic presence there for some time. Citadel is a first step towards us gaining a significant presence in Luxembourg to enable us to provide trust, fund and corporate administration services out of this jurisdiction. The Citadel team are fantastic and I am very much looking forward to working with them.”