Listed law firm Gordan Dadds has completed its first acquisition since floating the business earlier this year. The London law firm has bought corporate tax advisory business CWE Energy, a company which specialies in the oil and gas sector and was set up by ex-Big Four tax accountants in 1990. The company paid an initial £300,000 cash payment, with a further £3.7m paid in cash in equal instalments over five years. Additional consideration will be payable on the fifth and tenth anniversaries of the deal, dependent on the performance of the business, with a final total cap of £8m. Gordon Dadds is planning other acquisitions and reportedly has a £20m fund available.
Commenting on the acquisition Adrian Biles, Chief Executive Officer of Gordon Dadds, said: 'I am delighted to have completed our first acquisition after Gordon Dadds' successful IPO in August. CW Energy LLP is a highly regarded and highly profitable business which will enhance the Group's activities and will provide further opportunities for cross-selling services within the Group. Such acquisitions ensure that Gordon Dadds is always providing a premium service which caters to all our clients' needs.' He added: 'Since the flotation, we have received a number of approaches to make acquisitions and also for lateral hires. We have a good acquisition pipeline which will enhance earnings and the reach of the Group.'
Phil Greatrex, managing partner of CWE, added: 'We are delighted to join the Gordon Dadds group. We believe this enhances the long term sustainability of our business. We are excited to be working with Adrian and his team to broaden our client base and develop new commercial opportunities'.