Frenkel Topping strengthens business with two acquisitions

Frenkel Topping is accelerating its M&A strategy with a further two acquisitions.

The firm has snapped up Somek and Associates, one of the UK’s largest providers of expert witnesses. It will pay up to £7m for the Buckinghamshire company.

It will also pay up to £1.1m for N-Able Service, a Salford-based professional service firm providing case management and care expert reports.

The acquisitions, which strengthen the firms Care & Case management, have been funded through existing cash resources and are within the company’s stated maximum consideration of between 1.25x – 1.5x annual run rate revenue.

The board expects both acquisitions to be earnings enhancing in their first full financial year of ownership. Following the deals, the company has remaining net cash of £6m.

Richard Fraser, CEO of Frenkel Topping, said: “The acquisitions reflect the accelerated execution of our M&A growth strategy.

“With the acquisitions of Somek and N-Able, Frenkel Topping has significantly enhanced its position in the Care and Case Management space, supplementing its Keystone business, which the Company launched in 2021.

“As stated at the time of the Company’s fundraise earlier this summer, 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.

“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 AUM mandates from successful claimants.

“In Care management, location is relevant as in-person appointments and associated travel are key to delivering the best service possible. N-Able’s location in the North extends our Care and Case management nationally while Keystone, continues to deliver services to our clients in the South.”