Tavistock has acquired hybrid advice firm Lifetime Financial Management Intermediaries (Lifetime) for £6m as its board aims to refocus the firm’s strategy.
In an update posted today (11 September), AIM-listed firm set out that it will be acquiring 76.59% of Lifetime's ordinary shares. Lifetime CEO and founder Ian Dickinson will remain as 23.41% shareholder. The acquisition is for an initial cash consideration of £3.7m plus £2.25m in cash for both debt reduction and strategic leadership incentives. The deal includes a put and call option arrangement in place enabling Tavistock to acquire Dickinson's shares later based on a range of multiples of Lifetime's EBITDA. Tavistock confirmed that there will be additional consideration payments ...
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