Altium Capital, a boutique investment bank specialising in the mid-market, has bought itself out from Gold-Zack, the German financial services group, in an equity swap that will give Altium Capital a 53% stake.

The buy-out deal has a complex structure, involving another share swap and a small cash element. No financial details were disclosed, but the management and staff of Altium Capital now own the majority of the group with Gold-Zack remaining as a minority shareholder.