Business
Completion of Two Acquisitions
Completion of Two Acquisitions.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \n \n \n Frenkel Topping Group plc\n \n \n \n (\"Frenkel Topping\" or the \"Company\") \n \n \n \n Acquisitions of Somek and Associates Ltd and N-Able Service Ltd\n \n \n \n \n Continuing the roll-up strategy\n \n \n \n Frenkel Topping (AIM: FEN), a specialist professional and financial services firm operating in the Personal Injury and Clinical Negligence space, is pleased to announce the acquisitions of Somek and Associates Ltd (\"Somek\") and N-Able Service Ltd (\"N-Able\") (the \"Acquisitions\").\n \n \n The Acquisitions are in line with the Board's strategy of expanding the Group's activities in Care & Case management as set out at the time of the Company's July 2022 fundraising\n .\n In addition, the acquisition of N-Able adds regional reach in Case Management, helping drive further growth in this sector.\n \n \n The Acquisitions have been funded through existing cash resources and are within the Company's stated maximum consideration of between c1.25x - 1.5x annual run rate revenue.\n \n \n The Board expects both Acquisitions to be earnings enhancing in their first full financial year of ownership. Following the Acquisitions, the Company has a net cash position of £6m.\n \n \n Somek and Associates Ltd\n \n \n Somek has been operating since 1997 and is one of the largest providers of Expert Witnesses in the UK, delivering highly professional trained experts in a range of health professions. As a trusted source of Expert Witnesses, Somek has a balanced portfolio with equal instructions from claimants and defendants and has experts with specialist experience in all clinical fields based throughout the UK. Somek is a corporate partner of the Expert Witness Institute and was a finalist in the latest Personal Injury Awards Medicolegal provider of the year awards. The addition of Somek to the Company's existing Expert Witness professional service offering transforms the Company into a market leader in this space, particularly in relation to care reports in the personal injury and clinical negligence sector.\n \n \n Frenkel Topping has agreed to pay an initial cash consideration of £4m (subject to adjustment) with a further cash payment of £1.5m on the first anniversary of completion and an additional earnout of up to £1.5m on the second anniversary of completion subject to certain performance criteria being...