The latest purchase of 49% of ACE鈥檚 share capital follows on from the acquisition of 20% in June 2013, which came with an option to acquire the remaining 80%. The shares were sold to ISG by existing shareholders Marcelo Amarante (CEO) and Edo Rocha.
ACE provides office fit out and refurbishment services in Brazil's two largest cities, Sao Paulo and Rio de Janeiro. It comprises two companies: ACE-Engenharia e Constru莽玫es and Draw Servi莽os de Engenharia.
The consideration, which was settled in cash, for this 49% was 拢335,000. 聽ISG has also agreed to acquire the remaining 31% of ACE over a period of three calendar years ending 31 December 2018, subject to performance. The minimum consideration for this remaining 31% is 拢650,000 and the maximum consideration is 拢5m.
The revenue of ACE for the year ended 31 December 2014 was 拢7.3m with a profit before tax of 拢72,000. At 31 December 2014 the combined net assets of the businesses were 拢170,000.
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