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Professional Services

Sell-side advisers Convex Capital acquired by Rosenblatt Group

Rosenblatt said it intends to operate a new regional business hub from Convex’s Manchester base, where it will expand its services and create an opportunity to cut costs on back-office functions

(Image: Shared Content Unit)

Manchester-based sell-side advisers Convex Capital has been acquired by a London-based legal services firm.

Rosenblatt Group bought the firm in a deal worth up to £22m, which it said was in line with its strategy to diversify beyond legal services and enable cross referral to the client bases of both firms.

The majority of the consideration is to be paid in shares, with a maximum of 40 per cent to be paid in cash, it said.

Convex Capital was established in 2011 by chairman Mike Driver and has offices in Deansgate and London.

It has completed in excess of £1bn in transactions over the last four years, with 13 deals completed in the last year, and has EBITDA margins of more than 50 per cent, the firm said.

Rosenblatt said it intends to operate a new regional business hub from Convex’s Manchester base, where it will expand its services and create an opportunity to cut costs on back-office functions.

It is also expected to help generate a flow of fee-based work for the firm’s corporate division, focused on commercial transactions, it added.

Nicola Foulston, CEO of Rosenblatt, said Convex Capital shares its focus on high margins and cash generation, as well as a similar client base.