Oberon Investments, a newly listed wealth manager, has acquired London-based Smythe House. The transaction will add £40m in assets to Oberon.
Oberon will issue 2.5m of Smythe House’s shares and pay £217k in cash. Depending on Smythe’s performance following the purchase, there will be a potential future payment of 4.9m shares and £33,000 in cash.
Oberon will integrate Smythe House into the business.
The deal follows on from Oberon’s float on the AQUIS stock exchange in February, when the firm announced it was eyeing a pipeline of acquisitions.
Chief executive of Oberon Investments Group, Simon McGivern, said:
“Smythe House illustrates the strategic approach to acquisitions we are taking. Their portfolio of services will be rolled out over time to Oberon’s existing client base. We continue to evaluate further acquisition opportunities as Oberon’s AUA and platform continue to rapidly develop and grow.”
Speaking at the time of the AQUIS float, Mr McGivern said:
“We feel the wealth management and small to mid-cap corporate broking markets have stagnated. Therefore, there is a natural space for a forward thinking, client focused boutique. We are excited at the prospect of turning Oberon Investments into a well-known and respected brand in the next few years.”
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