Frenkel Topping has acquired two companies in the care and case management sector.
In a statement to the stock exchange this morning (September 13), the group said it has bought Somek and Associates, and N-Able Service.
Somek is an expert witness provider, set up in 1997 to operate in the UK.
Frenkel Topping agreed to pay an initial £4mn in cash for the company, with a further payment of £1.5mn on the first anniversary of completion, and a further £1.5mn on the second.
According to Frenkel Topping, Somek recorded £4mn in revenue for the year to March 31, and had net assets of £2mn on that date.
The other company, N-Able, is a professional services company that provides specialist rehabilitation and “lifestyle programmes” for clients, including assistance during litigation processes.
It was founded in 2002 in response to the demand for services to support those who had experienced catastrophic injuries.
Frenkel Topping will pay £550,000 for the firm, with a further payment of £275,000 on the first anniversary of the completion, and another payment of up to £275,000 on the second anniversary, subject to certain performance criteria.
N-Able had run rate revenue of £1mn annually at May 31 this year.
Chief executive officer of Frenkel Topping, Richard Fraser, said the acquisitions reflect the “accelerated execution” of the group’s acquisition strategy.
“The board believes care and case management reports to be the largest reports required by solicitors pre-settlement and in addition, case management work post-settlement presents opportunities for repeat revenues," he said.
“These specific areas are well covered by the addition of N-Able and Somek and should further increase our touchpoints on the journey of a potential claimant, standing the company in even better stead for unlocking assets under management mandates from successful claimants.”
The deal is the latest for Frenkel Topping, which saw its revenue almost double last year after it made a number of acquisitions.
The IFA, which specialised in advising those who have been or are involved in personal injury and clinical negligence litigation, bought five companies after raising £13mn in July 2020.
It has also entered into eight joint ventures, adding £68.5mn in assets under management.