Listed company Gateley this week added to its portfolio of services with the acquisition of a self-styled firm of business psychologists.
The legal services business announced to the London Stock Exchange it has acquired London-based Kiddy & Partners for a deal worth up to £3m.
Gateley will make an initial £850,000 payment, split between cash and around 250,000 shares, with the remainder deferred based on profit figures for the next three years. Deferred payments will also be divided equally between cash and ordinary shares.
Kiddy is a firm of consultants specialising in human capital assessment, talent management and leadership development. It will continue to trade under its existing name, with all staff relocating to the Gateley’s London office.
In 2017 Kiddy generated income of £2.42m and operating profit of £213,000. Gateley said it expects the acquisition to be immediately earnings-enhancing.
Michael Ward, chief executive of Gateley said: ‘This acquisition significantly broadens and strengthens our employment and people services offering. There will be clear opportunities for us to collaborate and deliver integrated advice and services to a broader set of large-scale employers and across a wide range of industries.’
Gateley has been steadily growing its service offering through acquisitions since it floated in June 2015, beginning with a tax incentives advisory business in April 2016 and most recently a law firm specialising in property and land advice.
Last September, the company created its Global Mobility service line, bringing together the management of employees on international assignments through employment law, immigration advice, international HR and tax and social security planning.
Gateley shares were trading this morning at 167.5p, having peaked this year at 191p in January but dipped as low as 155p in May.