AssetCo PLC Completion of acquisition (8096N)
October 04 2021 - 1:00AM
UK Regulatory
TIDMASTO
RNS Number : 8096N
AssetCo PLC
04 October 2021
4 October 2021
AssetCo plc
("AssetCo" or the "Company")
Completion of the acquisition of an interest in Parmenion
Capital Partners LLP ("Parmenion")
Parmenion ranked number one in Platforum quarterly report
On 1 July 2021 the Company announced that it had reached
agreement to acquire effectively a 30% equity interest in Parmenion
(the "Acquisition"), a discretionary investment manager and
advisory platform for the wealth and financial planning sector. The
agreed consideration was up to GBP27.8 million, of which GBP20.6
million was to be paid on completion and up to GBP3.6 million in
each of March 2022 and March 2023, depending upon the performance
of Parmenion. The Acquisition of the interest was conditional on
approval by the FCA to the change in controller, which has now been
received.
On 1 October 2021 the Company completed the Acquisition and paid
Preservation Capital Partners Limited ("Preservation Capital
Partners") GBP20.6 million. In addition to the consideration, the
Company paid a further GBP1.3 million to reflect their pro rata
share of the costs incurred by Preservation in the acquisition of
Parmenion, together with interest costs on the initial
consideration from 1 July 2021.
Since the Acquisition was announced, Platforum, a research
consultancy, has published its latest quarterly analysis of
investment platforms in the UK. Based on ten criteria, assessed by
financial advisers, Parmenion ranked number one for platforms with
Assets under Administration of less than GBP20 billion, and second
out of all platforms. Parmenion's proprietary technology and strong
customer service has consistently seen it rated by Platforum as
number one or two of all platforms each quarter since 2016.
Campbell Fleming, CEO of AssetCo commented: "Parmenion is at the
forefront of the digital transformation taking place within the
asset and wealth management industry. Its award-winning IT
infrastructure and client focused philosophy have established it as
a market leading platform. Parmenion has the client support, people
and skill sets to grow and to continue to deliver for advisers and
customers.
"The acquisition of a 30% equity interest in Parmenion is part
of our overall strategy to develop an agile asset and wealth
management company that meets the needs of investors in the 21(st)
century. We are looking forward to working with Preservation
Capital Partners and the Parmenion team in continuing to build the
business and delivering value to investors and AssetCo
shareholders."
Enquiries:
AssetCo plc
Campbell Fleming, CEO
James Thorneley, Head of Communications
Tel: +44 (0) 7958 005 141
Arden Partners plc
Nominated adviser and broker
John Llewellyn-Lloyd / Louisa Waddell
Tel: +44 (0) 20 7614 5900
Maitland/AMO
Neil Bennett
Rachel Cohen
Tel: +44 (207) 379 5151
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END
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