MML Enterprise invests in Cosegic, with Martin Smith joining as Chairperson

May, 2024

MML Enterprise invests in Cosegic, with Martin Smith joining as Chairperson

MML is delighted to announce its investment in leading financial services compliance business Cosegic. Founded in 2003, Cosegic is a multi-award-winning provider of regulatory compliance support to financial services businesses. It supports customers through the FCA/SEC authorisation process and provides ongoing compliance support, prudential services and training. Cosegic has a team of over 60 experts complemented by a proprietary software platform. MML’s investment will enable Cosegic’s management team, led by CEO Philip Naughton, to accelerate their organic, international and M&A growth ambitions.

Cosegic has appointed Martin Smith as Chairperson. Martin has a strong track record of working with businesses in the governance, risk and compliance sectors, and is currently Chair of TopSource Worldwide, Independent Governance Group and Auditcomply. His last executive role was as CEO of software-led risk management business Alcumus.

Shawbrook provided debt facilities for the investment and is committing further funding for M&A.

Philip Naughton, CEO at Cosegic, commented:

“We are excited to have an investor in MML who deeply understands our sector and has tailored an investment to allow us to accelerate our growth. MML’s experience in internationalisation, M&A and scaling people-based businesses is a great fit for our own ambitions. We are already working in partnership to deliver our exciting growth plans.”

Henry Alty, Investment Director, added:

“Since first meeting the Cosegic team we have been impressed by their passion and enthusiasm for supporting their clients. Cosegic is a trusted partner to over 800 financial services businesses to whom it provides mission critical compliance services. We look forward to working closely with Philip and his team to support their UK and international growth ambitions.”

This investment will build upon MML’s expertise in the financial services sector and people-based businesses, in particular its successful investment in Waystone, a global leader in fund governance, risk and compliance services.

Martin Smith, Chairperson at Cosegic, commented:

“I’m pleased to be joining the Cosegic board as Chairperson at the point of its investment from MML. The business has a fantastic growth opportunity, with a market-leading brand and reputation in a fragmented UK market and clear international growth drivers as well.”

The MML deal team comprised Luke Jones (Managing Partner – Enterprise), Henry Alty (Investment Director), Helen Lowe (Investment Director), Christian Brown (Investment Manager) and Yasmin Giovedi (Investment Associate).

MML was advised by FRP (Corporate Finance and Debt Advisory), Pinsent Masons (Legals), Spooner Fitzgerald (Sales and Go To Market), Grant Thornton (Financial diligence), CIL (Commercial diligence), Equator (Technology diligence), Howden (Insurance diligence), Confidas (Organisational Development) and Sustainable Advantage (ESG Review).

Shawbrook was advised by Eversheds.

Sellers and management were advised by Arrowpoint Advisory, HCR, Shoosmiths, K3 Tax Advisory and Quantuma.