Accountancy firm Tenon Group has agreed to acquire West Midlands-based rival RSM Bentley Jennison for up to £76.3 million.
Accountancy firm Tenon Group has agreed to acquire RSM Bentley Jennison for up to £76.3 million.
RSM Bentley Jennison provides a range of accountancy services including auditing, business planning and taxation. The West Midlands-based firm employs 1,100 staff and generated a turnover of £71.3 million in the year to September. In addition to the acquisition, AIM-listed Tenon raised £40 million in a placing at 45p a share.
Tony Stockdale, national managing partner of RSM Bentley Jennison, said: ‘We recognised the significant power of combining our practices. This deal is an extremely exciting proposition and benefits all stakeholders – the shareholders.’
In the year ended 30 June 2009, Tenon reported a decrease in revenue of 5.9 per cent to £150.8 million and pre-tax profits of £17.6 million.