Investment manager and adviser Braveheart Investment Group is acquiring Neon Capital Partners, which will help it move towards its goal of producing sustainable profits from fund management.
Neon has offices in Barnsley and Leeds and it is the manager of the £48m Finance Yorkshire Equity Fund, which runs until 2018. Braveheartís Viking business already has a presence in Yorkshire.
Braveheart is paying £380,000 in cash for Neon and it will pay further cash for working capital, which should be around £300,000.
Braveheart has been appointed to manage a £50m growth loan fund for Northern Ireland. Braveheart was part of a consortium including NEL Fund Managers and Clarendon Fund Managers.
Fee based revenues increased 89% to £621,000 in the six months to September 2011.
Merchant Securities was recently appointed joint broker alongside Seymour Pierce.
At 11.75p a share, up 0.5p, Braveheart is valued at £2.27m. Net asset value was £4.72m, including goodwill of £987,000, at the end of September 2011.
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