Canaccord Genuity to Acquire Thomas Miller Wealth Management

April 15, 2019

On March 21, 2019, Canaccord Genuity Group Inc. announced that it had entered into agreements to acquire Thomas Wealth Management Limited.Under the terms of the agreements, Canaccord Genuity Group Inc. (“Canaccord”) will acquire Thomas Miller Wealth Management Limited (“Thomas Miller”) through Canaccord Genuity Wealth Management (“Canaccord Wealth Management”), its UK and Europe based wealth management business. Thomas Miller will be acquired through a share purchase agreement, while the private client investment management business of Thomas Miller Investment (Isle of Man) Limited (“Thomas Miller Investment”) will be acquired through an asset purchase agreement. Upon closing, Canaccord will pay £18.5 million in consideration, with additional contingent consideration of up to £9.5 million, payable over a three year period following closing and tied to performance targets related to revenue and client assets. Closing is subject to customary regulatory approval and other closing conditions, but is expected to occur during the quarter ended June 30, 2019. Further terms of the deal were not disclosed.

Thomas Miller is a London based wealth manager that provides financial planning and investment management services to corporations, trusts, private clients and charities in the UK. Thomas Miller Investment is a wealth management business that provides services to institutions and private clients. Thomas Miller Investment will continue to operate with a focus on its institutional clients after closing. As of December 31, 2018, Thomas Miller and the private client business of Thomas Miller Investment had an aggregate of approximately £1.0 billion in client assets and had generated approximately £8.4 billion in revenue.

Canaccord (TSX: CF) is a full-service financial services firm operating in the wealth management and capital markets segments of the securities industry. Canaccord Wealth Management provides investment management and brokerage services to private clients, individual investors and charities.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions