Fri, 13 Dec 2019 | BUSINESS SALE
Commercial law and professional services firm Gateley has acquired development company T-three in a £3.4 million deal. Gateley says that the deal will create “one of the largest specialist human capital consultancy businesses in the UK”.
T-three offers leadership development, behavioural change programmes and development programmes for both people and management. Its roster of clients includes the BBC, Jaguar Land Rover and Samsung. It was founded in 1996 and is headquartered in Cambridge, employing 35 staff.
Discussing the acquisition, Gateley chief executive Michael Ward said: "We are delighted to welcome the T-three team to our growing, successful group.”
Ward added that T-three would complement Kiddy & Partners, which it acquired in July 2018, saying: "We see huge potential from the acquisition in further expanding our Human Capital consultancy services, as T-three and Kiddy play to each other's strengths and fit well alongside our legal teams."
The deal will see Gateley acquire T-three for £3.4 million on a debt free, cash free basis. The initial payment upon completion is around £3.17 million, to be paid 50 per cent in cash and 50 per cent through the issue of 944,855 new ordinary shares of 10p each. A deferred consideration of up to £0.9 million will be payable, subject to T-three's performance until 2021.
T-three founder and chief executive Jill Jenkinson said: "This is a natural next step for T-three and we're joining a group that we feel is the right cultural fit for us, that shares the vision for how we want the business to grow and places a relentless focus on the client; with clients being front and centre of how we all do business."
This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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