Gordon Dadds Group, the acquisitive London-based legal and professional services business, has announced it has completed the acquisition of Rampart Corporate Advisors, a Gibraltar-based legal services business with a specialism in e-gaming, financial services and fintech, distributed ledger technology (DLT) and cryptocurrency matters.
The firm was acquired for a performance related consideration of up to £1.34 million payable quarterly over 3 years. Commenting on the acquisition, Adrian Biles, chief executive officer of the Gordon Dadds Group, said the acquisition marks “a further expansion of Ince Gordon Dadds geographically and in the services we can offer our clients, particularly with Ramparts' specialism in e-gaming, fintech, DLT and cryptocurrency, all growth areas of law. With this acquisition, Ince Gordon Dadds now has thirteen offices across eight countries and territories, and annual revenues of some £100m.” Peter Howitt, the managing director of Ramparts, said “this opportunity will allow us to develop a local maritime offering, as well as open up our specialist offering to a far wider international client base. The investment also represents a show of confidence in the strength and versatility of Gibraltar as a forward-looking and fast growing international business centre.”
In the year ended 30 June 2018, Ramparts reported profits before tax of circa £400,000 on turnover of just over £1.1m and had net assets of circa £400,000. The consideration for the acquisition, which is entirely payable in cash, comprises £342,000 paid on completion with the deferred consideration related to the turnover achieved by the business over the next three years and paid quarterly. The deferred consideration is subject to a maximum payment of £1 million. Mr Howitt, the majority vendor of Ramparts, has become a partner in Ince Gordon Dadds International, the governance entity for the international network.