Investment bank completes £250m merger
MANCHESTER-headquartered investment bank Altium has completed its £250m merger with GCA – a listed Japanese investment bank.
The deal makes the enlarged business the seventh largest listed M&A business in the world. The combined businesses generated advisory revenues of more than £142m in 2015, employ 370 staff, and have completed upwards of 350 deals between them in the last three years.
The unified company will have offices in San Francisco, Manchester, New York, Frankfurt, Tokyo, Mumbai, London, Osaka, Beijing, Singapore, Munich, Zurich, Milan and Tel Aviv.
The deal sees Altium merge 100% of its shares into GCA, with chief executive Phil Adams and managing directors Alexander Grünwald and Sascha Pfeiffer joining the GCA board.
Phil Adams, chief executive at GCA Altium, said: “From the beginning of this process, it became clear that Altium and GCA were complementary in many ways, and this merger was a logical step. Our footprint is now global with offices in key M&A markets. This strengthens the group’s international coverage and cross-border capabilities, while our deep local roots mean that we have an exceptional understanding of the markets we cover.
“Providing top-quality advice to our clients is of paramount importance, and building a strong and lasting relationship is crucial to achieving this. It is an exciting time for the business, both in the UK and overseas, and we’re looking forward to working alongside the teams in the US and Asian markets as the business enters the next stage of its development.”
It marks a remarkable transformation of the firm from being predominantly a broking business in 2011 to a fully integrated global M&A business and highlights the increasing trend towards independent advisors who are not tied to accountancy practices or banks.
The deal follows a strong period for Altium, with the firm completing 47 deals worth £3bn over the last 12 months. Last year Altium had a record year advising on mega deals such as New Look and Douglas as well as local deals such as Bifold.
Adams joined Altium in 1996 before becoming group CEO of Altium in 2010. He continues to be based in Manchester working alongside office head Simon Lord.
