28th Jun 2024 10:17
(Alliance News) - Marwyn Acquisition Co II Ltd on Friday said it entered a binding agreement to acquire pensions services provider InvestAcc Group Ltd.
The acquisition vehicle, backed by the Marwyn Group, is focused on investments in the financial services, consumer and technology sectors.
Today MAC II said it will obtain 100% of InvestAcc for GBP41.5 million, representing an enterprise value of approximately GBP36 million on a cash-free and debt-free basis.
The acquisition will be majority funded by an institutional placing and subscription of 30 million new shares at a price of GBP1.00 each to raise GBP30.0 million.
On completion, MAC II is to be renamed InvestAcc Group Ltd.
MAC II Chair Mark Hodges said: "With a greater focus on savings, changing demographics and a growing reliance on the family, the pensions administration industry plays an important role in securing financial independence and security for customers over the long-term."
In financial 2023, InvestAcc generated GBP8.8 million of revenue and GBP3.6 million earnings before interest, taxes, depreciation, and amortisation.
MAC II shares are currently suspended from trading.
By Elijah Dale, Alliance News reporter
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