SilverTree Equity Partners agreed to acquire Grants Consultancy and databases business of Idox plc (AIM:IDOX) for €8.1 million on March 19, 2021. total consideration of up to €8.14 million comprises of: (i) An initial €4.25 million of cash, payable on completion; (ii) Earn-out of up to €1 million of cash payable in respect of the FY21 financial performance; (iii) A 6% non-amortising loan note of €1.39m and a further earn-out of up to €1.5 million of cash, both contingent upon return thresholds being met and payable on any subsequent acquisition of the business. For the financial year ended October 31, 2020 Grants Consultancy business reported revenues of €6.4 million(£5.5 million), an adjusted EBITDA contribution of €1.3 million(£1.1 million) and profit before tax of €0.23 million(£0.2 million). The transaction is expected to complete by April 6, 2021. The proceeds of the Grants Consultancy business, together with the proceeds of the disposal of Idox Compliance, will be utilised to reduce Idox's net debt (which stood at £16.1m as at 31 October 2020) and to continue to invest its organic and inorganic growth strategy. Edward Knight, Paul Gillam and Nick Prowting of Peel Hunt LLP acted as financial advisor for Idox plc. Jon Gill, Dan Whitewood, Daniel Lloyd and Mark BraudeTLT LLP of TLT LLP and Robert van Muijen, Boris Emmerig and Alissa van Tongerloo of Holla Advocaten acted as legal advisor to SilverTree Equity. Ernst & Young Nederland LLP acted as Financial and Tax due diligence to SilverTree Equity.