TEAM plc, the wealth, asset management and complementary financial services group, has announced its acquisition of the entire issued share capital of Omega Financial Services Limited.
Omega is a Jersey-based IFA, specialising in retirement planning, mortgage advice, life assurance and bespoke investment advisory services. An initial consideration of £2.0 million is payable in cash, plus further deferred consideration of up to £2.0 million in a mixture of cash and new shares in TEAM. The transaction is subject to approval by the Jersey Financial Services Commission.
Omega provides financial and investment advice to over 500 clients, with assets under advice (AUA) of £77 million (as at 30th Sept 2021) and a track record of profitability. In the 12 months to 31st December 2020, Omega generated revenues of £1.1 million and made a net profit before directors’ payments of £0.85 million. The run-rate EBITDA of approximately £0.7 million, on a pro forma basis is expected to be a significant step for TEAM towards becoming cashflow positive.
On completion of the transaction, TEAM will have assets under management and advice of £372 million, with a further £1.6 billion of cash under advice. The Acquisition is expected to complete in early 2022.
Matthew Moore (pictured), COO and CFO of TEAM, commented: “Omega has a first-class reputation amongst its clients, is a natural partner with TEAM Asset Management for investment management services, and is therefore an ideal entry point into the advice space in Jersey for TEAM plc.
“We believe it is a good transaction for TEAM plc shareholders, staff and clients. and we are very much looking forward to working side by side with the Omega team and seeing the future benefits of our joint efforts.”
