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(Sharecast News) - Financial services firm Tavistock Investments revealed on Friday that it has acquired London and Bath-based asset manager Alpha Beta Partners in a deal worth up to £18.0m.
Tavistock said the total consideration to be paid for ABP will be directly linked to its financial performance over the next five years, with an initial payment of £6.0m at completion of the acquisition and the maximum potential consideration capped at £18.0m, payable in cash.
The AIM-listed group stated acquisition strengthens its asset management scale and solutions provision in the UK retail investment market and was "a key step" in refocusing the company into a" much more significant asset manager" providing investment solutions to third party advice firms and networks, as well as to retail clients directly.
Chief executive Brian Raven said "Alpha Beta Partners is joining us at the ideal time. Their strategic plans and partnerships gel perfectly with ours, particularly in terms of how to improve investor services and value. We look forward to an exciting future together."
As of 1125 GMT, Tavistock shares were up 8.94% at 3.87p.
Reporting by Iain Gilbert at Sharecast.com
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