Gateley has made its largest acquisition so far as the listed U.K. firm continues to expand its portfolio.
The firm has acquired U.K. chartered surveyors Smithers Purslow for a total consideration of £20 million.
The deal has an initial consideration of £12.15 million payable on completion, with 56% in shares and 44% in cash.
Established in 1978, Smithers Purslow has ten regional offices across the UK and employs 130 staff. Its client base includes insurance companies, utility companies, property managers and high net worth individuals.
Smithers Purslow most recent revenue hit £11.7 million — 9.6% of Gateley’s most recent revenue figure of £121.4 million.
Gateley CEO Rob Waldie said: “This is our largest acquisition to date and is a clear demonstration of our commitment to invest and grow our market-facing platforms, as well as to continue to strengthen our resilience through diversification.”
Gateley said it expected its earnings to be enhanced in the first year post acquisition, and that a senior management team will continue to lead the surveyor business, renamed Gateley Smithers Purslow.
It is the latest in a slew of purchases by Gateley. Earlier this year, it bought the intellectual property services firm Adamson Jones for £2.5 million.
In 2021, the listed law firm also acquired London- and Manchester-based Tozer Gallagher LLP, a quantity surveying and construction consultancy business in a deal worth £815,000.