Tavistock Investments has acquired the entire issued share capital of LEBC Hummingbird for a total cash consideration of £3m ($4m, €3.6m).
Some £1.5m will be paid on completion and £1.5m will be paid on 30 November 2022.
Hummingbird is an unregulated business that provides research on asset class allocations to be used within funds and model portfolios. The service is designed to help investment managers match their solutions with different client risk profiles.
Hummingbird began trading in 2020 as a provider of financial research for the LEBC Group.
The acquisition follows Tavistock’s purchase of a 21% stake in LEBC Holdings – LEBC Group’s parent company – for £10m.
Derek Miles, LEBC’s managing director, said: “Hummingbird’s revenues and Ebitda have grown rapidly, and we are excited about our future prospects. We look forward to continuing to work closely with Tavistock’s management team to enhance both businesses.”
Brian Raven, Tavistock’s chief executive, added: “We are pleased to welcome Hummingbird into the Tavistock Investments group and look forward to working with Derek and his team as we extend our commercial partnership.”
