Shares in law firm Rosenblatt rise at it buys M&A boutique
Shares in listed London law firm Rosenblatt rose today after it announced the acquisition of Manchester corporate finance boutique Convex Capital.
Convex is a sell-side M&A corporate finance boutique which focuses on helping smaller companies in sales to large corporates.
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Rosenblatt said the deal was in line with its strategy to diversify beyond legal services and create opportunities for cross-referral of business.
The total consideration for the deal, assuming all earn-out and deferred consideration payments are made, is £22m.
The firm is also rebranding to RBG Holdings to reflect its evolution to a broader supplier of professional services, it said.
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Rosenblatt became the fourth law firm to float on the London Stock Exchange when it raised £43m from investors in May 2018.
Chief executive of Rosenblatt Nicola Foulston said: “Convex is an exciting and successful business, which shares with Rosenblatt a focus on high-margins and cash generation. Like Rosenblatt, it is an entrepreneurial company with a proven ability to create markets where none have existed.”
Rosenblatt’s shares rose 3.9 per cent to 92p today.