Alpha Financial Markets Consulting PLC (AIM:AFM) has announced the successful acquisition of Sydney-based boutique consultancy firm Shoreline, comprising Shoreline Consulting and Shoreline Consolidated, for an A$8mln (£4.2mln) initial cash consideration.
The acquisition will strengthen Alpha FMC's existing asset and wealth management expertise in the Asia Pacific region through the addition of a highly complementary client base and a 19-person strong consultancy team.
Shoreline’s core capabilities include product and distribution, operations and outsourcing, data and analytics, and digital and technology consulting expertise.
Under the terms of the acquisition, the longstanding management team will remain with the business post-acquisition, with a performance-driven earn-out mechanism of up to A$5mln (£2.6m) in cash.
Shoreline is expected to be earnings enhancing in the year ending 31 March 2024.
"We are delighted to announce the acquisition of Shoreline and the expansion of the Alpha business in APAC,” said Alpha FMC chief executive Luc Baqué, adding: “The combination of our two businesses makes us an excellent partner for clients in the region and provides the perfect platform for further growth in this exciting market.”
John DiBiase, managing partner of Shoreline, said: "This is great news for our people and our clients, as it gives us all access to a broader range of services, access to greater expertise and means we are now part of a truly global network.”
In the last calendar year, Shoreline generated unaudited consolidated revenues of A$7.5mln and adjusted EBITDA of A$1mln. As of 31 December 2022, Shoreline had A$1.4mln of adjusted net assets.