Fund manager Appian Asset Management has been acquired by UK alternative asset manager, Gresham House plc.

Gresham House, listed on AIM, is paying initial consideration of €4.55m, with €3.6m payable on completion and including €0.95m for cash within the business.

Further variable deferred consideration is payable subject to targeted earnings performance up to 31 December 2023, bringing potential total consideration to €10m.

The transaction is subject to approval from the Central Bank of Ireland.

Appian was established in 2002 by CEO Patrick Lawless.  The shareholders in parent company Apas Asset Holdings Ltd are Patrick Lawless (66%), Greg Lawless (24%) and Kevin Menton (10%).  The firm has c.€330m under management and operates a range of funds which invest globally across traditional and alternative asset classes including equities, property, infrastructure and forestry.

In Association with

Patrick Lawless will continue to lead the business, which will be rebranded as Gresham House Ireland. The UK plc has c.€3.6bn in assets under management on behalf of institutions, family offices, charities and endowments, private individuals and their advisers.

The firm has a focus on sustainable investments such as forestry, infrastructure, renewable energy and battery storage and public and private equity investment management.

Appian Asset Management Ltd has fee income of €3.5m in 2019, the same as the year before. The payroll overhead for 21 people including three directors was €2.4m. Directors’ remuneration amounted to €765,000 and shareholders received dividends of €300,000.

Patrick Lawless (54) commented: “This is a transformational deal for Appian and its staff. It is also 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.”

Tony Dalwood, chief executive of Gresham House, added: “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.”

Appian was advised by IMAS Corporate Finance and law firm Arthur Cox.