AssetCo PLC Acquisition (7436D)
01 7월 2021 - 6:00PM
UK Regulatory
TIDMASTO
RNS Number : 7436D
AssetCo PLC
01 July 2021
1 July 2021
This announcement contains inside information under Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it
forms part of the domestic law of the United Kingdom by virtue of
the European Union (Withdrawal) Act 2018 (as amended).
AssetCo plc
("AssetCo" or the "Company")
Conditional acquisition of equity interest in Parmenion
The Company is pleased to announce that it has reached agreement
with Preservation Capital Partners Limited ("Preservation Capital
Partners") to acquire effectively a 30% equity interest in
Parmenion Capital Partners LLP (the "Acquisition"). The
consideration will be up to GBP27.8 million (the "Consideration"),
which will be paid in cash, with a payment of GBP20.6 million due
on completion and up to GBP3.6 million due in each of March 2022
and March 2023.
The Acquisition is conditional on approval by the FCA to the
change in controller, which is expected to occur by the end of
September 2021. The Company will provide further updates, as
appropriate.
About Parmenion
Parmenion is a FCA registered, B2B fund investment and advisory
platform for the wealth and IFA sector, servicing around 1,100
adviser firms and 2,600 financial advisers The company was founded
in 2007, employs 211 people and is headquartered in Bristol.
Parmenion manages approximately GBP9 billion of assets under
management ("AUM") and has delivered strong AUM growth, with
average growth in annual net inflows of around 26% since 2015,
compared to the overall adviser platform market growth of circa
14%. Parmenion's growth has been driven by its proprietary
technology and strong customer service, which has seen it
consistently rated by Platforum as number 1 or 2 each quarter since
2016 and its service model has been consistently ranked 5 star by
Defaqto.
In January 2016, Parmenion was acquired by Aberdeen Asset
Management plc. On 30 June 2021, funds managed by Preservation
Capital Partners acquired 100% of the equity in Parmenion from
Standard Life Aberdeen plc for a consideration of up to GBP102.0
million. For the financial year ended 31 December 2020, Parmenion's
audited statutory accounts reported revenue of GBP29.8 million and
an operating profit of GBP1.0 million before certain non-recurring
items. As at 31 December 2020, it had net assets of GBP10.8 million
and had GBP15.9 million of cash on the balance sheet. In the
current financial year Parmenion continues to demonstrate robust
growth.
Following completion of the Acquisition, it has been agreed with
Preservation Capital Partners that Gordon Neilly, an adviser to
AssetCo and former global head of strategy and corporate
development at Standard Life Aberdeen plc will join the board of
Parmenion.
Benefits to AssetCo
The Board of the Company believes that there exist significant
opportunities to develop the business of Parmenion further, both
organically and inorganically, including deepening its relationship
with existing customers and growing its customer base, through
on-going technology innovation and by broadening its discretionary
fund management and platform offerings to meet customer demand.
The intention is that AssetCo will fund the initial
consideration for Parmenion from internal cash resources and
marketable securities currently held, totalling GBP31.6 million. In
time, it is anticipated that the Company will raise additional
equity capital further to the permissions granted by shareholders
at the general meeting held in April 2021.
Peter McKellar, Deputy Chairman and CEO of AssetCo,
commented:
"Parmenion is a market leading investment and advisory platform.
The business has a great opportunity to build on its strong IT and
client focused foundations, given the digital transformation we are
seeing within the asset and wealth management industry. The company
has the people and expertise to grow and to continue to deliver for
advisers and customers, as they seek to achieve their long-term
investment objectives.
"Our strategy is to position AssetCo to take advantage of the
structural shifts taking place within the asset and wealth
management industry, such as the increasing use of technology to
help individual investors and their advisers. It is intended that
this will be achieved through the acquisition, primarily, of
majority stakes in selected businesses which play into these
structural shifts and supported by strong distribution to drive
organic growth. Few businesses will divert us from this approach,
but we were compelled by Parmenion's market positioning, strong
growth potential and excellent management team and on this occasion
we are delighted to have secured a significant minority interest in
conjunction with Preservation Capital Partners. We are looking
forward to working with Preservation Capital Partners and the
Parmenion team in building the business and delivering value to
investors and AssetCo's shareholders."
Enquiries:
AssetCo plc
Peter McKellar, Deputy Chairman and CEO
James Thorneley, Head of Communications
Tel: +44 (0) 7958 005 141
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd / Akhil Shah
Tel: +44 (0) 20 7614 5900
Maitland/AMO
Neil Bennett
Rachel Cohen
Tel: +44 (207) 379 5151
In this announcement references to Parmenion are to Parmenion
Capital Partners LLP, its ultimate parent company and all the
subsidiary undertakings of that ultimate parent company or any one
of them as the case may be.
This announcement includes "forward looking statements"
including beliefs and expectations concerning (amongst other
things) the financial performance and future opportunities for
Parmenion. By their nature forward looking statements involve risk
and uncertainty because they relate to future events and
circumstances. Actual performance and the realisation of
opportunities may differ materially from those expressed or implied
by the forward looking statements contained in this announcement.
Save as required by applicable law and regulation the Company
undertakes no obligation to release publicly the results of any
up-date/revision to the forward looking statements contained in
this announcement.
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END
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