The UK contractor paid £1.9m for a 20% stake in the business two years ago and today revealed its had bought a further 49% interest from the major shareholders Marcelo Amarante and Edo Rocha.
ACE provides office fit out and refurbishment services in Brazil’s two largest cities of Sao Paulo and Rio de Janeiro and turned over around £7m last year generating a pre-tax profit of £72,000.
ISG paid £335,000 for the extra stakeholding and has also agreed to acquire the remaining 31% of ACE from the remaining shareholder Amarante over a period of three years ending 31 December 2018, subject to performance.
The minimum consideration for this remaining 31% is £650,000 and the maximum consideration is £5m.
ISG chief executive David Lawther aims to boost ACE’s future growth by introducing the firm’s international client base and enabling the development of new sectors.