Martin Gilbert’s AssetCo has struck a deal to acquire a 63% stake in Rize ETF for £16.5m, with a further £5.25m to be invested in the thematic ETF provider to fund growth.
AssetCo plans to raise approximately £25m of new equity from investors to fund the acquisition. Following the deal, management and employees will own an effective 37% equity interest in Rize ETF, of which 5% is subject to certain near-term performance conditions, the company said in a statement. Martin Gilbert, chairman, Peter McKellar, deputy chairman and chief executive officer, and Mark Butcher, non-executive director, as well as Harwood Capital Management and Toscafund Asset Management, which are substantial shareholders of AssetCo, intend to participate in the placing. AssetCo wi...
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