LONDON, UK: Gresham House, the specialist alternative asset manager, announces the completion of the acquisition of the Venture Capital Trust (VCT) business of Mobeus Equity Partners LLP, announced on 10 September 2021.
Mobeus is a UK-based investment firm managing assets across two distinct client groups, one of which is the VCT business being acquired by Gresham House. The four VCTs whose contracts are being acquired are: Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc, with a combined AUM of £369 million.
The Acquisition creates a leading player in the VCT segment with a combined c.£850 million of AUM, and the combined platform will help target enhanced returns for Mobeus and Gresham House’s VCT investors and further accelerate growth of the Group’s VCT AUM.
Mobeus VCTs’ strong brand and long term investment performance provide a close fit with Gresham House’s reputation for governance, fund performance and investment culture, and the high-quality and experienced Mobeus team is culturally aligned with the Gresham House team, bringing complementary skills.
The Acquisition also gives the Mobeus VCTs access to Gresham House central resources, existing investment resources and network to support their long-term investment ambitions, whilst the acquisition structure provides a framework to both incentivise and retain key Mobeus VCT team members.
The Acquisition, together with organic growth since the half year, increases Group AUM to c.£5.4 billion[2]. The Group has identified a number of potential synergies in the Mobeus VCT business, and the Acquisition is expected to support the Group’s stated objective of achieving a 40% operating margin as part of the GH25 Group plan.
Trading in the Vendor Placing Shares and Consideration Shares on AIM will commence at 8.00 a.m. on 1 October 2021.
The Company will have a total of 38,000,819 Ordinary Shares in issue from 1 October 2021. Thereafter, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
Capitalised words and phrases defined in the Acquisition and proposed placing announcement on 10 September 2021 have the same meanings in this announcement, save where otherwise defined.
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1 Oct, 8:02 am GMT+1 ·Disclaimer