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(Sharecast News) - Professional and financial services firm Frenkel Topping has acquired Derbyshire and Newcastle-based legal costs consultancy Bidwell Henderson Costs Consultants for £1.48m.
Frenkel stated £740,000 was payable on completion of the acquisition, with the balance falling in two equal tranches of £370,000 on the first and second anniversary post-completion and an additional earn-out being payable in 2024 if certain targets are met.
The AIM-listed firm highlighted that the acquisition was "firmly in line" with its strategy of pursuing "quality opportunities" in the pre-settlement professional services marketplace in personal injury and clinical negligence.
Chief executive Richard Fraser said: "I am delighted to welcome Bidwell Henderson to the group. Over the past seven years Mark, Ann and Rebecca have built a leading legal costs consultancy and were well known to the Group prior to discussions around the Acquisition.
"This acquisition is in line with our strategy of maximising touch points in the PI and Clin Neg space with the added benefit of being able to sell Frenkel Topping services into existing Bidwell Henderson clients and look to further the AUM growth of the group."
As of 1020 BST, Frenkel Topping shares were up 1.49% at 68.0p.
23 Mar 2015 10:38