8th Apr 2019 10:54
LONDON (Alliance News) - Gordon Dadds Group PLC on Monday said it has completed the acquisition of Rampart Corp Advisors Ltd for a performance-related consideration of up to GBP1.3 million, payable quarterly over three years.
Rampart is a Gibraltar-based legal services business with a specialism in e-gaming, financial services and fintech. In the year to the end of June 2018, Rampart reported pretax profit of GBP400,000 on revenue of just over GBP1.1 million and had net assets of GBP400,000.
Gordon Dadds will pay GBP342,000 in cash on completion ,with further deferred consideration related to the revenue achieved by the business over the next three years and paid quarterly in cash. The deferred consideration is subject to a maximum payment of GBP1 million.
Peter Howitt, the majority vendor of Rampart, has become a partner in Ince Gordon Dadds International LLP.
"This opportunity will allow us to develop a local maritime offering, as well as open up our specialist offering to a far wider international client base," said Howitt.
"We are delighted to announce this acquisition which marks a further expansion of Ince Gordon Dadds geographically and in the services we can offer our clients," added Gordon Dadds Chief Executive Adrian Biles.
Gordon Dadds shares were down 1.3% on Monday in London at 133.28 pence each.