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Gresham House to acquire FIM Services

London-based alternative asset manager Gresham House Plc is to acquire Burford, England-based alternative investment fund manager FIM Services Ltd. for up to £25.0 million.

Both firms specialize in commercial forestry management and renewables, and the acquisition will more than double Gresham House's assets under management to more than £1.5 billion.

Gresham House will pay an initial consideration of £21.0 million on completion, comprising £11.2 million in cash and £9.8 million in loan notes, convertible into Gresham House ordinary shares. The total consideration also includes a deferred payment of up to £4.0 million, subject to the meeting of certain performance targets over a two-year period post-completion.

Gresham House also announced a conditional placing of new ordinary shares, at 410 pence apiece, to raise approximately £15.0 million. Proceeds will be used in part to cover the cash portion of the transaction consideration.

The placement will be conducted through an accelerated book-building process. Liberum Capital Ltd. is acting as financial adviser, nominated adviser, broker and sole book runner in relation to the placing, which is not being underwritten.

The placing shares represent about 19.68% of Gresham House's enlarged ordinary share capital. The placement is subject to approval by shareholders at a general meeting slated to be held May 21.

Taurus London acted as lead adviser to Gresham House on the acquisition.