The British arm of US fintech group Marygold & Co has completed the acquisition of Northampton-based advice firm Tiger Financial & Asset Management for $3m ($2.5m, €2.85m).
The deal was originally announced in August 2021 and was expected to be completed within 90 days.
The financial terms of the acquisition consist of $1.9m in cash, plus net current assets estimated to be $1.1m for a total price of around $3m.
The purchase price consideration will be paid in three instalments with approximately $1.7m at closing, and the remainder of around $1.3m paid in approximately equal instalments on 31 December 2022 and 31 December 2023.
Based in Boughton, Northampton, and with around £42m ($51.3m, €48.8m) in assets under management, Tiger Financial & Asset Management offers investment management, financial advice, pensions and protection advice.
As part of the deal, Keith Halford, founder of Tiger, and his team will remain with the company.
Marygold & Co UK is the British operation of US banking and financial services app Marygold & Co. Both are also wholly owned subsidiaries of global holding group Concierge Technologies.
It is the long-term goal of Concierge Technologies and Marygold to market the app in the UK, and the acquisition of Tiger is the “first step” towards achieving that.
Nicholas Gerber, chief executive of The Marygold Companies, said: “The completion of this transaction paves the way for the company to expand our financial services into the UK, as well as introduce new services, such as the mobile fintech app being developed by our US subsidiary, Marygold & Co, that will offer US clients payment services and personalised banking that provide a secure way to send, receive, spend, and save with no banking fees or minimum requirements.
“The Marygold app is expected to launch in the US later this year. Tiger is a great fit for us and is expected to be immediately accretive.”
Matthew Parden, chief executive of Marygold & Co UK, added: “The acquisition of Tiger is a very important first step for Marygold & Co in the UK, giving us the initial regulatory licence to be able to grow and expand our advice services to new clients.
“We are hugely encouraged by the coming opportunity to leverage our highly transformative fintech capabilities within the UK financial advice market, which is ripe for change.”