1st Oct 2015 09:09
(Correcting total value of the consideration due.)
LONDON (Alliance News) - Investment and wealth management company Rathbone Brothers PLC on Thursday said it has struck a deal to buy the remaining 80.1% stake in Vision Independent Financial Planning Ltd and Castle Investment Solutions Ltd it did not already own.
The consideration for the two businesses will comprise an initial cash payment of GBP5.0 million, plus the net asset value of the acquired companies upon completion, with a further GBP13.0 million due based on Vision hitting growth and operational targets through to 2020.
Vision is an independent specialist financial advice network focused on high-net-worth clients. Castle is a sister company to Vision and provides it with administrative services. Rathbone originally acquired a 19.9% stake in the company in October 2012 for GBP2.0 million.
"Our decision to acquire the Vision Group is a reflection of its proven ability to grow and the strong relationship we have built up in the last five years. We very much look forward to sharing in its continued success," said Rathbone Chief Executive Philip Howell.
By Sam Unsted; [email protected]; @SamUAtAlliance
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