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Gresham House acquires Appian Asset Management for up to €10m
StockMarketWire.com
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Alternative asset manager Gresham House said it had acquired Appian Asset Management for up to €10 million.
Based in the Republic of Ireland, Appian is an active asset manager with about €330 million in assets under management as at 30 September 2020 with €0.4 million normalised EBITDA for the year to 30 November 2020.
The firm managed a range of funds which invest globally across traditional and alternative asset classes including equities, property, infrastructure, and forestry.
Under the terms of the deal, the company paid €4.55 million, with €3.6 million payable on completion and €0.9 million in new shares issued by and including €0.95 million for cash within the business.
Further variable deferred consideration would be payable subject to targeted earnings performance up to 31 December 2023, bringing potential total consi
'The opportunity to build Gresham House further internationally, through establishing a regulated platform in Ireland, will allow us to grow our specialist asset management capabilities both in Ireland and the EU,' the company said.
'Appian's funds will complement those offered by Gresham House, with a planned social housing fund in Ireland complementary to Gresham House's Residential Secure Income LP fund to be launched in 2021, targeting the shared ownership housing market and aiming to unlock a supply of more affordable houses,' it added.
At 8:54am: (LON:GHE) Gresham House Plc share price was 0p at 780p
Story provided by StockMarketWire.com
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