£6.75m deal to acquire property and construction market specialist
Legal and professional services firm Gateley has acquired The Vinden Partnership, a business offering corporate advisory, dispute resolution and consultancy in the property and construction markets.
The acquisition’s maximum consideration of £6.75m, equates to a maximum Enterprise Value of £5.15m.
Vinden, which will trade under the name Gateley Vinden Limited following acquisition, strengthens Gateley’s construction team, adding weight to its corporate advisory, dispute management and resolution expertise.
Gateley has a base in Leeds, while Vinden operates from five locations – Bolton, Nottingham, Liverpool, Manchester and London.
Vinden’s team is 40-strong and growing, with the majority of staff based in the company’s head office in Bolton.
In the year ended 31 August 2019, Vinden’s revenue was £4.7m, generating profit before tax of £0.8m. Net assets at completion will not be less than £2.1m, including net cash of approximately £1.6m.
CEO and founder, Peter Vinden, managing director, Chris Duffill and directors, Andrew Crompton and Martin Bennett will remain on the Gateley Vinden management board.
Michael Ward, Gateley chief executive officer, said: “I am pleased to welcome the Vinden team to Gateley. This is a team we know and trust. Their results driven, client centric and inclusive culture is fully aligned with Gateley’s and we are confident the integration process will be smooth and rapid.
“Bringing Vinden’s skills in-house strengthens and expands our corporate advisory, dispute management and resolution expertise.
“This is our ninth acquisition since we joined the AIM market in 2015. We continue to deliver on our strategy, building a strong and diversified group for the benefit of all our stakeholders – our people, our clients and our investors.”
Peter Vinden, chief executive of The Vinden Partnership, added: “This is a really positive move for our team and we are delighted to join Gateley.
“Our two companies have worked together successfully for a number of years and have a shared ethos and approach. By combining our multi-talented teams, we have an enhanced offering for clients which will bring numerous benefits for all.”
