TEAM Asset Management is to acquire the entire issued and to be issued share capital of Jersey-based financial planning and investment consultancy Concentric Group.
An initial consideration of £1.7m is payable in cash, plus further deferred consideration of up to £0.8m in new shares in TEAM.
The acquisition is subject to approval by the Jersey Financial Services Commission but is expected to complete this autumn.
The cash consideration will be funded through a £2.65m (gross) subscription from existing and new investors in TEAM.
Hannam & Partners is acting as financial adviser to the company and Canaccord Genuity is acting as nominated adviser and broker in relation to the acquisition and subscription.
Concentric provides investment advice and analysis to more than 430 retail, high-net-worth and institutional investors, with assets under advice of £231m as at 31 December 2021.
On completion of the acquisition, the directors expect TEAM to have assets under management and advice of £550m, with approximately £1.4bn of cash under advice.
Hatstone Lawyers advised TEAM in connection with the acquisition. Group Partner Simon Vivian led the Hatstone team, assisted by Senior Associate Stefan Schausberger and Group Partner Stephen Wauchope.