Fri, 06 Jan 2023 | BUSINESS SALE
Listed financial services firm Curtis Banks Group is set to be acquired by Nucleus Financial Platforms in a deal that values the firm at over £240 million. Nucleus Clyde Acquisition, a wholly-owned Bidco of Nucleus, has reached an agreement with Curtis Banks on the terms of the acquisition at 350 pence per share, which has been recommended to shareholders.
This values the entirety of Curtis Banks’ issued and to-be-issued share capital at around £242 million, reflecting approximately a 26x multiple of the company’s pre-tax profits of £9.3 million for the year ending December 31 2021. During that year, the company reported revenue of £63.3 million, operating profits of £11.1 million and total comprehensive income of £7.7 million.
Beginning trading in 2009, Curtis Banks Group has grown both acquisitively and organically to become of the UK’s leading SIPP providers. The company listed on AIM in 2015 and currently manages approximately £37 billion in assets for around 79,000 customers.
The group offers SIPP, SSAS and commercial property administration services to high-net-worth customers and has developed relationships with over 800 wealth managers and adviser firms. The company’s acquisition by Nucleus will create a major financial planning and retirement adviser platform, handling around £80 billion in assets under administration.
Commenting on the deal, Nucleus Group CEO Richard Rowney said: "Our ambition remains to create the UK's leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers.”
"As one of the UK's largest independent SIPP and SSAS providers, Curtis Banks not only adds significant scale to our business, but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality."
Curtis Bank Executive Chairman David Barral added: "Curtis Banks recognises Nucleus' established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values.”
"We believe that the combined group's greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders."
Read about the growth of M&A in the UK pensions sector.
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