ISOLAS advises on sale of Gibraltar management company to European Wealth Group
ISOLAS has advised Michael Mechas on the sale of the entire issued share capital of CIMCO Partners Management Limited (CPML) to European Wealth Group Limited (EWG), an AIM-listed wealth management company making their first investment into Gibraltar.
CPML, which manages the G20 Absolute Return Fund, currently has approximately $22 million (£16.5 million) of funds under management. The acquisition will add a third fund to EWG’s in-house offering and broadens the range of equity investment styles within the group’s portfolio. Mr. Mechas will remain the lead investment director of the G20 Absolute Return Fund, will join EWG’s investment committee and will assist the group with international acquisition opportunities.
The transaction completed on 12th September 2016 with the initial consideration to be satisfied by the issue of 909,091 new ordinary shares in EWG, and a further share consideration which shall be deferred for 12 months and is payable depending on CPML’s gross profit over that period.
Mr. Mechas commented “I’d like to thank the team at ISOLAS for all the support they provided over the last few months in bringing the sale to a successful conclusion. Together with EWG, I look forward to building on the success of the Gibraltar based G20 Absolute Return Fund and to developing EWG’s expanding global wealth management business.”
The ISOLAS team advising on the transaction consisted of Partners Joey Garcia and Samantha Grimes, assisted by Karan Aswani.