AssetCo continues shopping spree with acquisition of SVM Asset Management

£10.7m total consideration

AssetCo has reached an agreement to acquire Edinburgh-based SVM Asset Management for a total consideration of £10.7m, marking its sixth purchase since Martin Gilbert took the chair last year.

Founded in 1990 by Margaret Lawson and Colin McLean, the fund manager holds £586m in assets under management across five open-ended funds and an investment trust. Subject to completion, AssetCo will purchase the group through the issue of up to £9m of 1% fixed rate unsecured convertible loan notes in itself, plus a further £1.7m in cash, to be paid on completion. AssetCo delivers pre-tax loss of £2.6m following acquisition spree The notes may be converted into ordinary shares in AssetCo at an effective issue price of £14.50, or will be repaid on 31 December 2023. Gilbert, along ...