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| Integrated
Asset Management acquires Attica Holdings UK
LONDON, UNITED KINGDOM, May 15, 2006 - Integrated Asset Management plc (Integrated), the London Stock Exchange AIM-listed alternative investment group, announced the acquisition of a 50.1% controlling interest in London-based Attica Holdings UK Limited and its fund of hedge fund subsidiaries (“Attica”), from Sal. Oppenheim International Luxemburg S.A., a subsidiary of Sal. Oppenheim jr. & Cie. KGaA (Sal. Oppenheim), Germany’s largest private bank. Integrated also has the option to acquire the remaining 49.9% for a combination of cash and shares for a total consideration of up to €13.45m, subject to the satisfaction of certain performance criteria. Attica currently manages over $400 million and with the acquisition will increase Integrated’s total assets under management and advice to over $1.1 billion. In connection with the acquisition, Sal. Oppenheim will become Integrated’s largest single shareholder, with a stake of approximately 27%. In addition, as part of the transaction, two representatives of Sal. Oppenheim will be nominated to the Board of Directors of Integrated. The transaction also provides that GAIM Advisors, Integrated’s existing fund of hedge funds business, and Attica will become Preferred Providers for fund of hedge funds (“FoHF”) to Sal. Oppenheim. Sal. Oppenheim Group currently manages assets in excess of €125 billion and allocates a growing percentage to alternative investments. Emanuel Arbib, Chief Executive of Integrated, stated: “We are delighted to achieve this critical milestone in our growth strategy. This acquisition is an excellent example of our goal to augment our organic growth with strategic acquisitions in the fund of hedge fund industry. Moreover, we are honoured to partner with a bank of the calibre of Sal. Oppenheim. This transaction only furthers our already strong relationship with Sal. Oppenheim, which has proven very successful through an exclusive relationship in structured products for the past several years. In addition, we welcome the Attica investment management and sales team, which brings excellent skills and track record to our existing strong platform. The combination of Attica and GAIM Advisors will enable us to achieve significant synergies and cost savings, which will favourably impact our earnings for the full year 2006. We have invested heavily in our investment and risk management over the past twelve months, and have seen the fruition of our efforts in the performance of our three main funds, which are up 17.55%, 9.67% and 7.37% respectively for the twelve months to March 2006.” Detlef Bierbaum, Partner of Sal. Oppenheim, commented: “Sal. Oppenheim is very pleased to continue its expansion by entering the burgeoning hedge fund market and by further cementing its strategic relationship with Integrated. We are impressed with their product and corporate progress and look forward to partnering with Integrated to achieve further success in the hedge fund industry. As a bank, we believe alternative assets should play a bigger role, and we welcome Integrated as our joint venture partner in this endeavor. We are also pleased that the current Attica investment management team, with their excellent track record and wealth of experience, will remain in place to assure continuity.” The contract is conditional inter alia upon shareholder approval for the issue of the new Ordinary Shares to Sal. Oppenheim and on the consent of the Financial Services Authority. Kidron Corporate Advisors, a New York-based M&A and corporate advisory boutique, acted as financial advisor to Integrated Asset Management plc. For further information, please contact: Emanuel
Arbib, CEO Mark
Segall/Raphael Haas |
Copyright:
Kidron Corporate Advisors LLC 2006 |