Gresham House, a specialist alternative asset manager, has acquired Appian Asset Management for an initial consideration of €4.55 million, with €3.6 million payable on completion.
Further variable deferred consideration is payable subject to targeted earnings performance up to 31 December 2023, which brings the potential total consideration to €10 million.
By acquiring the Ireland of Republic based-Appian, Gresham House will accelerate its growth plans set out in its five-year strategy through the creation of a formal international presence in Ireland.
The acquisition will also allow the group to establish its offering in Europe through a regulated EU-based entity within the Eurozone.
In addition it will bolster the group’s capabilities to develop existing strategies in Ireland and Europe with a particular focus on targeting sustainable infrastructure, social housing, and forestry.
It will also strengthen Appian’s potential client proposition with value-add client reporting and improved digital client service, marketing and distribution, alongside a broader range of alternative investment opportunities.
Commenting on the acquisition, Gresham House’s CEO Tony Dalwood said: “The opportunity to build Gresham House further internationally, through establishing a regulated platform in Ireland, will allow us to grow our specialist asset management capabilities both in Ireland and the EU.”
Dalwood noted: “Appian, and its ambitions to increase its presence in alternative asset classes, will be complementary to our existing forestry portfolio and growth strategy in Ireland. I am excited about working with Patrick Lawless, his talented team and extensive network, bringing the Gresham House strategies to the Appian client base alongside other Irish and European institutional investors.”
Patrick Lawless, chief executive of Appian Asset Management Limited, commented: “This is the start of an exciting new chapter for Appian and I am confident that our shared values and complementary capabilities will drive further opportunities for growth and expansion.”
“As part of Gresham House, I believe that we will be able to provide new and existing clients with exciting new investment opportunities and enhancements to our online client service offering. We look forward to creating a market leading business together,” Lawless added.
The transaction is subject to approval from the Central Bank of Ireland.
