Wed, 06 Jul 2022 | BUSINESS NEWS
Independent financial adviser and asset management firm Frenkel Topping has raised around £10 million in a placing of new shares to help finance its M&A strategy. The placing saw the firm issue up to 14,285,715 new ordinary shares to new and existing investors.
Proceeds from the fundraising will be used to help Frenkel Topping drive forward its M&A strategy, through which it seeks to consolidate firms in the personal injury and clinical negligence markets. The company, which focuses on asset protection services for its clients, says that it currently has three potential acquisitions identified and in the due diligence stage.
The financing is also planned to be used to help integrate new acquisitions, in order to capture additional margin and help to drive faster integration in later deals. Proceeds will also go towards modernising the group’s IT infrastructure.
Frenkel Topping’s fundraising comes amid an ongoing period of consolidation in the financial advice industry, being driven by the huge fragmentation of the sector, the ageing population of owners at financial advice firms and rising multiples, which are pushing some owners to sell who were previously reluctant.
Frenkel Topping chief executive Richard Fraser said: "I am delighted that new and existing shareholders have once again supported Frenkel Topping on its ambition of becoming the market leader in the PI & Clin Neg space. The net proceeds of the placing allows us to continue consolidating the heavily fragmented professional service firms marketplace.”
"The board looks forward to building on the momentum gathered since our last fundraise in July 2020 and are already well progressed on a number of potential opportunities. In addition, our investment internally, particularly on IT infrastructure will allows us to capture further margin on existing acquisitions and more easily integrate future M&A."
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