13th May 2024 14:14
(Alliance News) - FRP Advisory Group PLC on Monday announced the acquisition of commercial finance and risk management specialists Hilton-Baird Group.
The London-based business advisory firm acquired Hilton-Baird for a consideration of GBP7 million. In addition, an amount for the net assets acquired on completion, which have been estimated to be GBP1.4 million, will be paid alongside a three-year performance based earn-out.
The total consideration is split between cash of approximately GBP5.6 million, the issue of new 2.3 million ordinary shares worth GBP2.8 million and the performance based earn-out.
Following the acquisition the company will remain under the Hilton-Baird brand and four directors, including founder Alex Hilton-Baird, are set to join FRP as partners.
FRP Chief Executive Officer Geoff Rowley said: "This is our ninth acquisition since admission to AIM in March 2020, demonstrating the continued delivery of our strategy to generate sustainable profitable growth by combining a focus on organic growth with acquisitions that meet the group's selective criteria."
FRP expects Hilton-Baird to contribute GBP5.2 million in revenue and EBITDA of GBP1.4 million in the year ending April 30.
FRP shares were up 2.2% at 128.24 pence each in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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