18th Feb 2015 08:05
LONDON (Alliance News) - Consumer marketing business NAHL Group PLC Wednesday said it has acquired London-based online marketing specialist Fitzalan Partners for up to GBP4.3 million in cash.
NAHL, which trades under the National Accident Helpline brand and focuses on the personal injury market, said it will pay an initial cash consideration of GBP3.0 million for Fitzalan. It also will pay a further GBP1.3 million before the end of 2015, dependent on "certain conditions" being met, which the company did not specify in its statement.
The acquisition is being funded from existing cash resources, while NAHL said the business is expected to be immediately earnings enhancing.
Fitzalan, founded in 2011, is an online marketing specialist targeting home buyers and sellers in England and Wales, and offers lead generation services to panel law firms and surveyors in the conveyancing sector. In the financial year to end July 2014, Fitzalan reported a pretax profit of GBP0.7 million.
"The acquisition offers NAHL the opportunity to extend its reach into the conveyancing market and utilise its competitive advantage and skill set from the personal injury market to take advantage of the significant growth opportunities already identified," said Chief Executive Russell Atkinson in the statement.
NAHL shares were untraded at the market open Wednesday. The shares were last traded at 237.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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