Quayle Munro makes £6.1 million acquisition

Apr 14 2008

Merchant bank in deal for Van Tulleken

Scottish merchant bank Quayle Munro is taking over international corporate finance adviser Van Tulleken for £6.1 million.

It is the first major acquisition made by new chief executive Peter Norris.

Van Tulleken was founded in 1995, has offices in London and New York and specialises in the publishing, information and technology industries.

It has closed more than 100 transactions since its foundation including Hearst’s acquisition of the Map of Medicine, Heren Energy’s sale to Reed Business Information, Complinet’s sale of a significant minority interest to Fidelity Equity Partners and Soliloquy Learning’s sale to Scientific Learning.

Quayle says its merger with van Tulleken provides a compelling strategic and cultural fit. 

The announcement went down well in the City with Quayle Munro’s shares soaring by 12.6 per cent to £10.

Quayle said the combined group would have a broader, better balanced corporate finance business with greater diversity of revenues.

 “The group’s strengthened competitive position and the addition of a New York office will enhance its ability to compete for larger assignments,” it said.

“It will also offer greater opportunities to junior staff, and assist in attracting and retaining top talent.”

Norris was chief executive of Barings investment banking group it was brought down by the notorious Nick Leeson Singapore derivatives trading scandal.

After leaving Barings Norris set up a successful corporate finance consultancy and joined Quayle when it bought his company last year and appointed him chief executive.

Norris said the acquisition of van Tulleken was an important further step in Quayle Munro’s expansion as an independent merchant bank.
“The deal will add significantly to the group’s senior resources and brings with it a number of valuable long term business relationships, both assets key to our approach to business,” he said.