(Alliance News) - Sanne Group PLC on Monday said it has acquired Private Equity Administrators Group Ltd for EUR27 million.
PEA, private equity fund administrators who operate in Denmark, Sweden and Guernsey, will hand over more than 55 employees and EUR27 billion of assets to Sanne, a global provider of outsourced alternative asset services. A total of 30% of the EUR27 million price will be payable in Sanne shares.
PEA expects EUR6.7 million in revenue and EUR2.1 million in earnings before interest, tax, depreciation and amortisation for 2020. In 2019, PEA recorded pretax profit of EUR1.5 million and had gross assets of EUR2.7 million.
Sanne said the the acquisition should be complete by the end of the first quarter of 2021.
The company additionally noted that it has traded "resiliently" through the second half of the year and forecasts underlying earnings per share being in line with its expectations. "Although existing client activity has latterly begun to increase in Q4, full year revenue is consequently expected to be marginally below the board's previous expectations," it said.
The company said it expects to announce its results for 2020 on March 19.
Shares in Sanne were down 1.9% at 564.00 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.