Financial services group, IFG, has acquired the Jersey and Geneva-based Atlantique Trust Company, for up to £7 million sterling (€11.7 million). Atlantique provides a range of asset protection and trustee services, mainly for continental European customers and has some 440 companies and trusts under administration, according to IFG.
The company, which is strong in the European market, will complement IFG's international business, which is "particularly strong in the North American and Far Eastern markets", said IFG. It will be managed as a separate profit centre within the division.
An initial payment of €3.35 million will be followed by target-related payments. Some €2.0 million will be paid if Atlantique's profits are not less than £495,000 sterling in the year to January 31st 2002, €3.0 million will be paid if the average profit for the years ending 2001 to 2003 is not less than £550,000 and €3.35 million be paid if the average profit for the same years exceeds £550,000.
Atlantique generated sales of £1.35 million sterling in the year to January 31st 2000. Profit after exceptional costs of £200,000 for establishing the Swiss operation, amounted to £248,770. Net assets being acquired amounted to £197,000.
