Caledonia adds to investment in 7IM to complete acquisition of TCAM – Seven Investment Management has been able to complete the acquisition Of TCAM with the backing of a further £14.0 injection of cash from Caledonia Investments (CLDN)
Seven Investment Management (7IM) is an investee company of Caledonia. Prior to the transaction, 7IM was Calidonia’s second largest position at approximately 5% of its portfolio (from CLDN’s final results, 31 March 2018 – click here to read more)
TCAM is an Edinburgh based discretionary asset manager with approximately £1.2bn of total assets under management (“AuM”). TCAM brings a strong management team and a number of new investment products and services focused on the high net worth client segment. This is in line with 7IM’s stated strategy of expanding its product mix and distribution channels.
In May, 7IM announced that it had agreed terms to acquire TCAM and subsequently confirm that the FCA had approved the acquisition. TCAM states on its own website that the focus now will be to integrate the two businesses and operate them under the 7IM brand by the year end.
The enlarged 7IM has £14bn of AuM operating from offices in London, Edinburgh and Jersey.
Comment from Tom Sheridan, 7IM’s chief executive officer:
“TCAM is a fabulous addition to the 7IM family. The Tcam team will augment 7IM’s London and Jersey based operations, providing us with a strong base in Edinburgh as well as additional resource and expertise in our investment team.”
Comment from Duncan Johnson, Caledonia’s head of unquoted investments:
“The investment in 7IM exemplifies Caledonia’s successful, partnership approach to investing, providing the support and follow-on capital required to build incremental sustainable value in our investee companies over the long term.”
More on Caledonia
Caledonia Investments is a self-managed investment trust. It was acquired by the Cayzer family in 1951 as a holding company for their shipping interests and morphed over the years into the family investment trust – they still own a large percentage of the shares and have a large influence on the fund’s investment policy. Caledonia owns a globally diversified range of quoted and unquoted equities and funds and stresses its long-term approach to managing money with an emphasis on providing development capital for growing businesses.
CLDN : Caledonia adds to investment in 7IM to complete acquisition of TCAM