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.
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.