Alpha Growth, the financial services specialist in life insurance-linked wealth and asset management, has received regulatory approval and completed its strategic acquisition of 93.36% of the outstanding shares of Jeometri Insurance Managers (Guernsey).
In a statement on 9 September, the London-based company said the balance of the shares are to be retained by its founder and current director, Darren Wadley, who will be continuing as managing director of Jeometri and will be responsible for leading the business in its next phase of accelerated growth.
The consideration paid for the acquisition of Jeometri was £449,321 in cash inclusive of the costs of the share acquisition and an infusion of working capital into the business. The transaction funding has been satisfied from Alpha's existing cash resources and no shares were issued by Alpha for the acquisition, the statement said.
Joining the Alpha group of companies would enhance Jeometri's visibility within the market place and provides it with the support required to accelerate its growth, it continued, with Jeometri's advanced solutions and its global clientele unlocking significant opportunities for Alpha's life insurance businesses.
Jeometri would also deliver services currently provided by third parties for Alpha International Life Assurance Company in Guernsey giving a strategic vertical integration that will streamline operations boosting margins and overall performance for Alpha.
Gobind Sahney, Alpha's chairman and CEO added: "We are very pleased to have received the Guernsey Financial Services Commission's change of control approval and to be able to expand our insurance services offering in Guernsey. This strategic acquisition represents a significant opportunity for growth, and we look forward to collaborating with Darren and his team to further grow Jeometri. Together, we aim to deliver complementary, value-enhancing support across the group's businesses.
"We are also pleased to share that the group's 'buy strategy' is progressing well, and I look forward to updating our shareholders on our acquisition pipeline in due course.
"The board of Alpha remains confident in our ability to achieve our goal of $2 billion in assets under management and administration in 2025. Achieving this goal will deliver significant improvements to both revenue and profitability."
