Alpha Growth PLC (LSE:ALGW, OTCQB:ALPGF) said it has completed the acquisition of Havelet Assignment, adding US$9bn to its assets under management (AuM).
Havelet, a Barbados-based financial services firm that provides solutions to claimants and attorneys, is cash flow positive and profitable, and generates revenue on a fee applied to AuM, Alpha said.
The company added that it intends to increase the marketing of Havelet’s services to the legal community in the hope it will increase AuM.
The acquisition also provides Alpha with an opportunity to cross-sell across its portfolio of companies, which in turn will increase AuM, it noted.
“This was a small but strategically important acquisition for Alpha and one which provides significant opportunities to increase AuM both within the Havelet business and also Providence, our Bermuda-based life insurance business,” Alpha executive chairman Gobind Sahney said in a statement.
“We started January 2020 with $10mln AuM and one primary offering, we finish 2022 with circa $700mln of AuM and multiple new service offerings in both our life insurance and fund business segments. A great foundation for continued growth," he added.