Gresham House establishes EU presence with acquisition of Irish boutique

Potential total consideration of €10m

Gresham House is set to acquire Appian Asset Management, an Ireland-based active manager, for a potential total consideration of €10m (£9m), subject to approval.

Appian manages a range of funds across equities, property, infrastructure and forestry across €330m assets under management (AUM), along with a normalised EBITDA of €0.4m. Tony Dalwood: How Gresham House kept momentum despite Covid-19 This acquisition will bring the group's pro forma AUM to £3.6bn and will establish its presence in Europe with a regulated, EU-based entity, while offering an enhance capability across its sustainable infrastructure, social housing and forestry products. An initial consideration will see the firm pay €4.55m, which consists of a €3.6m payment, comprise...