LONDON: River Global PLC, an agile asset and wealth management firm, has signed heads of terms to acquire Devon Equity Management Limited, marking a significant expansion into European equity investment.
Under the proposed deal, Devon’s senior management—who own the firm—will receive up to 41 million A Ordinary Shares in River Global. This comprises an initial equity consideration of 16.67 million shares and a deferred equity consideration of 24.33 million shares, both priced at 6.0 pence per share, representing a potential total value of £2.46 million. The deferred component is tied to future revenue performance, and the sellers may withdraw surplus regulatory capital. Devon will cover its own transaction costs.
For the financial year ended Dec. 31, 2024, Devon reported an operating profit of £2.1 million on gross revenue of £8.6 million, with net assets of £3.0 million. Despite a reduction in assets under management due to a June 2025 tender offer by European Opportunities Trust PLC, Devon remains on track to deliver profitability for the current year.
River Global expects the acquisition to be earnings-accretive from the second year post-completion. Integration of Devon’s operations is planned within the first year, with anticipated synergies delivering meaningful cost savings across the combined group.
The acquisition remains subject to due diligence, regulatory approvals, and final legal agreements.
As part of the transaction, Devon Chairman Simon Troughton will join River Global’s board as a non-executive director. CEO Richard Pavry will join as an executive board member, while CIO Alexander Darwall will co-lead the European Equities division alongside Devon’s Senior Fund Manager Charlie Southern. Co-founder Luca Emo Capodilista will continue in a senior capacity.
Martin Gilbert, Chairman of River Global, said, “We are thrilled to welcome Alexander Darwall and his experienced team to River Global. This acquisition significantly strengthens our European Equities platform, particularly at a time when investor interest in the asset class is resurgent.”
Devon Equity Management, founded in 2019 by former Jupiter Asset Management colleagues Darwall, Capodilista, and Pavry, currently manages approximately £835 million. The firm is known for its concentrated, high-conviction long-only equity strategy across 25–35 positions. Since launch, its flagship client EOT has delivered an annualised NAV total return of 10.5%, outperforming the MSCI Europe Index benchmark.
Darwall added, “Joining River Global is a compelling opportunity to expand our investment capabilities and scale. We look forward to creating value for clients and stakeholders in the years ahead.”
River Global will issue further updates as the transaction progresses.