(Alliance News) - Curtis Banks Group PLC on Thursday announced the acquisition of two companies and a GBP25 million equity placing to fund one of the two deals.
Bristol-based self-invested personal pension provider said it has entered into agreements to acquire Talbot & Muir Ltd, for an initial GBP16.5 million, as well as the fintech provider Dunstan Thomas Group Ltd, for an initial consideration of up to GBP21.5 million.
The group plans to fund the acquisitions through existing cash and the equity placing.
Talbot & Muir is a SIPP and small self administered scheme products provider and Dunstan Thomas is a fintech provider delivering technology and business solutions for wealth managers, platforms and providers.
Talbot & Muir has approximately GBP3.6 billion in assets under management as of December 31 last year and adds 6,600 plans to Curtis Banks.
Curtis Banks Chief Executive Will Self said: "Talbot & Muir and Curtis Banks are comparable in terms of culture, service offering, distribution routes and client base and further consolidates our market position as one of the largest UK providers of SIPPs and SSAS products. We are confident this bolt-on acquisition will deliver materially enhanced earnings for Curtis Banks.
Curtis Banks separately announced a placing equivalent to 22% of its existing shares to acquire Talbot & Muir.
The company will place the shares at a price of 210.00 pence each to raise approximately GBP25 million. Curtis Bank shares were down 3.5% at 224.00 pence each on Thursday in London.
The shares will be placed through an accelerated bookbuild run by Peel Hunt LLP and N+1 Singer Capital Markets Ltd.
Curtis Bank directors plan to take part in the placing.
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
