UK-based independent financial adviser and asset management business Frankel Topping has entered into two M&A deals worth £9m ($12.3m, €10.1m).
It has acquired the entire issued share capital of A&M Bacon and Partners in Costs (PIC) through the purchase of PIC’s holding company as well as direct shares.
The former company is a civil and commercial litigation costs specialist, while the latter specialises in costs law and consultancy.
The combined maximum consideration for the two firms is £9m, comprised of £5m payable in cash; £900,000 through the issue of 2 million ordinary shares of £500,000 each on completion, as well as £3.1m deferred consideration payable in cash in two tranches on 31 January 2022 and 31 January 2023.
Strategy
The two acquisitions are part of the firm’s aim to expand into the pre-settlement professional services marketplace in personal injury and clinical negligence.
The wider strategy will see Frenkel Topping bring in personal injury/clinical negligence clients to its financial advice arm in case of a large award, the firm said.
Richard Fraser, chief executive at Frenkel Topping, said: “The acquisitions fit exactly into our strategy of acquiring high-quality businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of Forths last year.
“These acquisitions will further strengthen our offering and drive the continued growth of Frenkel Topping.”
