Fri, 16 Apr 2021 | BUSINESS SALE
Canaccord Genuity Wealth Management has acquired the private client investment management division of Adam & Company from RBS for £54 million, slightly more than a 5x multiple of the division’s most recently reported total income of £10.7 million. An Edinburgh-based private client bank, Adam & Company has client assets totaling around £1.7 billion.
The deal, which is subject to regulatory approval, is expected to complete in September and represents Canaccord Genuity’s first acquisition in Scotland. The deal comes shortly after the division was put on the market by RBS’s parent bank Natwest. The fee will be paid up-front in cash.
Following the takeover, the division will continue under the Adam & Company name. RBS will retain the lending and banking business of Adam & Co, which will be folded into sister company Coutts. The investment management division’s core client proposition would be largely unchanged, Canaccord Genuity said.
The acquirer added that existing client-manager relationships would be unaffected and that portfolio managers and supporting staff working for the division would transfer. Adam & Co managing director Graham Storrie will continue in a leadership role.
Canaccord Genuity Chief Executive David Esfandi said: “Entering the Scottish market represents a very important milestone in our long-term growth strategy and we are pleased to be doing so with Adam & Company’s investment management business, a leading regional franchise with a strong cultural fit and a similar client base to our own.”
Adam & Company’s Graham Storrie added: “To build on the success of Adam & Company’s investment management business it was essential to find a buyer who shared our investment philosophy and strategic ambitions for the future.”
“I believe that with CGWM, we will be able to offer our clients in Scotland and beyond the continuity and high-quality service they deserve, and I am delighted to have the opportunity to continue to lead this business.”
Find out more about the current wave of wealth management M&A.
Find businesses for sale here.
If you are looking for an exit, we can help!
Operates on a national basis, predominantly working with major clients in the healthcare, local government and pharmaceutical markets.
LEASEHOLD
Provides detailed cost and contractual advice for construction projects across a diverse range of sectors, operating in Scotland and England.
LEASEHOLD
Provides structural consultancy services for a range of projects including new builds, conversions, refurbishment, extensions and alterations of commercial, industrial, educational, health sector and domestic buildings. Services also include investig...
LEASEHOLD
|
16
|
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
|
13
|
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
|
12
|
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
May
|
Yo! Sushi's Robin Rowland confirms sale adviser hire | BUSINESS SALE
Robin Rowland, Yo! Sushi’s executive chairman, has con...
|
03
|
|
Dec
|
Albemarle & Bond pawnbroker business for sale | BUSINESS SALE
Pawnbroker Albemarle & Bond, the second largest business of ...
|
25
|
|
Mar
|
Bench fashion brand in line for a sale | BUSINESS SALE
The fashion brand Bench, worn by celebrities such as Lady Ga...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources