As the legal landscape continues to evolve, a legal services group and business psychologists have teamed up to target the legal talent market.
Gateleys, the law-led professional services group, has acquired Kiddy & Partners, a human capital consultancy. Kiddy is staffed by business psychologists specialising in assessment and talent management, leadership development and board effectiveness. The firm combines expertise in business psychology with a focus on commercial outcomes.Gatley was one of the first law firms to go public with an IPO in 2015.
From its London base, Kiddy operates internationally in 25 cities across five continents with a client list spanning 80 of the FTSE Global 500 and 20 of the FTSE 100. Kiddy will continue to trade under its existing name, with all staff relocating to Gateley's London office. Under the terms of the acquisition, Gateley will acquire the business and assets of Kiddy & Partners LLP into a new 100 per cent subsidiary of the Company. The initial consideration payable on completion will be approximately £850,000 settled 50% in cash and 50 per cent by the issuance of 251,207 Ordinary Shares of 10 pence each in Gateley ('Ordinary Shares'). Deferred consideration of up to approximately £2,150,000 is based on a multiple of 4.5x EBITDA in respect of the post-completion period up to and including 30 April 2021 Deferred consideration will also be settled 50 per cent in cash and 50 per cent in Ordinary Shares. The maximum consideration payable cannot exceed £3,000,000. The acquisition is being made on a net working capital neutral basis.
In September 2017, Gateley launched its Global Mobility service line. Global Mobility encompasses the management of employees on international assignments, covering a mix of employment law, immigration advice, international HR and tax and social security planning. It provides client support in a variety of areas, including, offshoring and nearshoring, Brexit planning and individual senior executive cross-border relocations. Commenting on the acquisition, Michael Ward, Chief Executive Officer of Gateley said: ‘There will be clear opportunities for us to collaborate and deliver integrated advice and services to a broader set of large-scale employers and across a wide range of industries. Kiddy represents our first acquisition in the Human Capital sector, which when put alongside Global Mobility and our Entrust pension trustee operation, moves our business forward, offering employers a range of legal and consultancy services as their businesses require.’