Acquisition of regulatory risk services bureau
StatPro Group has announced the acquisition of ODDO BHF’s regulatory risk services bureau for an undisclosed cash payment. Assuming that the Group has paid a similar EBITDA multiple to that when acquiring Delta, we expect this deal to enhance earnings by around 3% in its first full year of ownership (FY 2019E). We adjust estimates accordingly. The acquisition will add to StatPro’s existing managed services for valuations and performance measurement with risk reporting. Currently offered in Germany and Luxembourg, StatPro will look to market the service throughout the EU. We also note the recent appointment of a new CEO to its Source: StatPro division. We see today’s acquisition as a useful positive step, and there appears to be a building momentum across the business.