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Alpha Financial Markets Consulting PLC - London-based asset and wealth management and insurance consultancy - Buys Shoreline Consulting Pty Ltd and Shoreline Consolidated Ltd for an initial AUD8.0 million, about GBP4.2 million, payable in three instalments, plus an additional earn-out of up to AUD5.0 million.
Shoreline is a Sydney-based consultancy that provides services to the asset and wealth management industry in the Asia-Pacific. It recorded AUD1.0 million in earnings before interest, tax, depreciation and amortisation in 2022 on AUD7.5 million in revenue.
Alpha Chief Executive Officer Luc Baque said: "The combination of our two businesses makes us an excellent partner for clients in the region and provides the perfect platform for further growth in this exciting market. Acquisitions of this nature, along with organic growth, are very much part of Alpha's growth strategy."
Current stock price: 469.00 pence, up 0.9%
12-month change: 17%
By Sabrina Penty; Alliance News reporter
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