A specialist corporate and technology firm is the latest addition to self-styled acquisitive legal and professional services business Gordon Dadds. The alternative investment market-listed firm today announced that it had completed the acquisition of London and Oxford based White & Black Limited for £2.918m.
It is the second acquisition since last August when Gordon Dadds’ initial public offering raised a £20m warchest. In November it acquired corporate tax advisory firm CW Energy LLP for £4m in cash.
White & Black specialises in technology and corporate law and related intellectual property and dispute aspects. In the year ended 31 October 2017 the nine-partner firm reported a profit before tax of £0.66m on fee income of £2.59m. Gordon Dadds said the acquisition will be funded entirely from cash resources and would boost earnings ’significantly’ for the year to 31 March 2019.
White & Black will continue to operate under its own name. While its back-office functions will move to Gordon Dadds’ operation in Cardiff, no job losses are expected, a spokesperson said.
Adrian Biles, chief executive, said that White & Black would add to the group’s expertise in the technology and corporate sectors. It will also provide further opportunities for cross-selling services. 'This acquisition demonstrates Gordon Dadds’ ability to attract profitable, growing businesses and the acquired White & Black brand will benefit from being part of the enlarged group with access to a wider range of services,’ he said.
He added that the company continues to receive approaches from potential acquisition targets 'and has a good acquisition pipeline, which will enhance skills, earnings and the reach of the group’.
Gordon Dadds Group shares rose 5.4% on the news, to 156.5p.