IMAS acted as the exclusive financial adviser to Appian Asset Management Limited on its sale to Gresham House plc. The transaction is subject to approval from the Central Bank of Ireland.
Based in the Republic of Ireland, Appian Asset Management Limited is an active asset manager which had c. €330m in assets under management (AUM) as at 30 September 2020. The firm invests globally across traditional and alternative asset classes and provides a suite of funds including equity, cash, multi-asset and property funds. All investment is carried out in-house and the Appian Burlington Property Fund won the annual MSCI UK and Europe Property Investment Awards for Ireland in 2020.
Quoted on the London Stock Exchange (GHE:LN), Gresham House plc is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, infrastructure, renewable energy and battery storage, public and private equity. As at 30 June 2020, it actively managed c. £3.3bn of assets on behalf of institutions, family offices, charities and endowments, private individuals and their advisers.
The deal creates a group with complementary funds and combined pro forma AUM of £3.6bn (as at 30 June 2020). It will strengthen Appian Asset Management’s client proposition with added-value client reporting and improved digital client service, marketing and distribution, alongside a broader range of alternative investment opportunities. It will also help accelerate Gresham House’s growth plans through the creation of a formal international presence in Ireland and establish an offering in Europe through a regulated EU-based entity within the Eurozone. Together, it will enhance the group’s capabilities to develop existing strategies in Ireland and Europe with a particular focus on targeting sustainable infrastructure, social housing and forestry.
IMAS was responsible for planning and managing the entire transaction process, including the initial preparations, solicitation of interest from and discussions with prospective buyers through to the ultimate agreement of the transaction. Our work included specific valuation advice and assisting in the detailed negotiations on the initial and final terms of the deal.
Patrick Lawless, the CEO of Appian Asset Management commented: “This is a transformational deal for Appian and is very positive news for our valued and loyal client base. It will enable us to offer an increased range of market leading products to existing clients and to institutions and charities in Ireland. Gresham House is one of the leading asset managers on these islands and we look forward to joining their team.”
Tony Dalwood, Chief Executive of Gresham House said: “Appian is a business which, under Patrick’s leadership, has carved out a valuable position in the market here in Ireland. This deal is driven by our plans to expand internationally and we see Ireland and Europe as key opportunities for growth having already made our first investments in Irish Forestry last year. With its ambitions to increase its presence in alternative asset classes, Appian will be complementary to our existing growth strategy in Ireland. I look forward to working with Patrick, his talented team and extensive network, bringing the Gresham House strategies to the Appian client base alongside other Irish and European institutional investors.”