TEAM Plc has bought Concentric in a transaction involving £1.7m in cash and up to £0.8m of new shares in TEAM.
AIM-listed TEAM said that Concentric had “an entrepreneurial management team who are well known to TEAM and the acquisition will facilitate a natural step up in the existing working relationships between the two businesses”.
It added that on completion of the acquisition, which is subject to regulatory approval, the directors expected TEAM to have assets under management and advice of approximately £550m, with approximately £1.4 billion of cash under advice.
Matthew Moore, TEAM’s Chief Financial Officer, said: “Concentric is led by an experienced, ambitious team who have built a good business, growing the client base, services and staff, revenues and EBITDA in a challenging market.
“We are delighted they see the transaction as a stepping stone to achieve their own goals, by being part of a larger wealth-management business, with shared values and the ability to offer clients a broader range of investment advice services.”
The acquisition is the fourth that TEAM has made since its founding in January 2020. In December, it bought Jersey-based IFA consultancy Omega, which is awaiting regulatory approval, expected to complete this autumn.
TEAM was advised by Hatstone Lawyers in connection with the acquisition.
Pictured top - left to right: Concentric Directors James Painter and Gordon Bennie, and TEAM Executive Chairman Mark Clubb.
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