London-listed legal services firm, Gateley (AIM:GTLY)  has acquired multi-discipline property specialist The Vinden Partnership in a deal worth up to £6.75m.

Gateley, which made history in June 2015 when it became the first UK commercial law firm to be quoted on a public market, said the move represented the group’s ninth acquisition since its listing.

Vinden, which will trade under the name Gateley Viden following the acquisition, reported a revenue of £4.7m for the year ended 31 August 2019, generating pre-tax profits of £800,000.

Under the deal, the initial payment will be £6.15m, 51.2% in cash and 48.8% in shares, offset by £1.6m of net cash at Vinden, the statement outlined.

The group also noted that deferred consideration of up to £0.6m will be payable based on performance in the year to August 2020.

Gateley believes the acquisition will strengthen its corporate advisory, dispute management and resolution expertise, whilst expanding its growing portfolio of complementary services.

Shares in Gateley were trading 1.03% lower at 191.5p during Friday trading.

Vinden, which operates from five UK-based locations and holds the majority of its staff in Bolton, offers its services within a variety of sectors from education and retail to affordable housing and health.

"I am pleased to welcome the Vinden team to Gateley. This is a team we know and trust,” said Michael Ward, Gateley’s Chief Executive Officer.

“Their results driven, client centric and inclusive culture is fully aligned with Gateley's and we are confident that the integration process will be smooth and rapid,” he said.

Broker finnCap said the acquisition was demonstrative of Gateley building a strong and diversified group and reiterated its view that the group's proven model provides “good growth prospects.”

In a research note immediately following the release of the deal, finnCap boosted its target price value by 2% from 252p to 257p a share on Gateley.

"This is our ninth acquisition since we joined the AIM market in 2015. We continue to deliver on our strategy, building a strong and diversified group for the benefit of all our stakeholders - our people, our clients and our investors,” added Ward.

In January 2020, the group reported a strong set of half-year results with double digit growth in profitability and revenue in the sixth months ended October 31st 2019.

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