Mon, 22 Apr 2024 | BUSINESS SALE
Specialist financial and professional services firm Frenkel Topping has acquired a legal services firm based in the North West in a bolt on acquisition. The listed firm has acquired North West Law Services Limited (NWL) via the acquisition of current parent company NWL (Group) Limited.
NWL, which is based in Chester and was founded in 1982, provides a comprehensive range of legal services from claim settlement to payment of costs, including negotiation, budgeting and detailed assessment. The firm specialises in PI, CN, court of protection and commercial costs.
Frenkel Topping has agreed to acquire the company for a total cash consideration of £2.75 million, to be funded from part of its recently announced £7.5 million revolving credit facility with Santander. The consideration represents around a 5.9x multiple of NWL’s pre-tax profits of £465,000 for the year ending August 2023, which it generated on revenue of £1.6 million.
The deal forms part of Frenkel Topping’s strategy of expanding its activities in the PI and CN market. Following the acquisition, NWL’s Lee Evans and Phil Roberts will step back from the company over time. After a managed handover, the company will become part of Frenkel Topping’s costs operating segment, led by strategy and implementation director Rebecca Bidwell.
Frenkel Topping Group chief executive Richard Fraser said: "I am delighted to welcome NWL into the group. Over the years Lee, Phil and their team have built a leading legal costs consultancy business that was well known to the group prior to discussions commencing.”
"The acquisition fits perfectly into our strategy of acquiring high-quality, customer-focused businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of our other costs businesses - Partners in Costs, A&M Bacon and Bidwell Henderson."
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