17 December 2020 | 08:54am
StockMarketWire.com - Alternative asset manager Gresham House said it had acquired Appian Asset Management for up to €10 million.
Based in the Republic of Ireland, Appian is an active asset manager with about €330 million in assets under management as at 30 September 2020 with €0.4 million normalised EBITDA for the year to 30 November 2020.
The firm managed a range of funds which invest globally across traditional and alternative asset classes including equities, property, infrastructure, and forestry.
Under the terms of the deal, the company paid €4.55 million, with €3.6 million payable on completion and €0.9 million in new shares issued by and including €0.95 million for cash within the business.