17 October 2024
FRP ADVISORY GROUP
PLC
("FRP",
the "Group" or the "Company")
Acquisition of Globalview Advisors Limited
FRP Advisory Group plc,
a leading national specialist business advisory
firm, is pleased to announce the
acquisition of Globalview Advisors Limited ("Globalview"),
for a total consideration of £5.5
million (the "Acquisition"). As part of the
overall transaction, Globalview's Managing Director, Sarpel
Ustunel, has entered into a subscription
agreement to reinvest £2.2 million of the proceeds into new
ordinary shares which will be issued by FRP.
Based in London, Globalview provides
valuation services to clients primarily in the United Kingdom.
Sarpel Ustunel will join FRP as a Partner
and sit within the Financial Advisory pillar, together with
Globalview's team of eight valuation professionals. FRP's Financial
Advisory pillar comprises valuation
services, pensions advisory, transaction services, lender services,
board and c-suite advisory, and financial modelling.
For the year ended 31 December 2023,
Globalview's unaudited revenues were £2.7 million and unaudited
reported EBITDA was £1.5 million, which under the FRP model would
translate into a contribution of adjusted EBITDA of £1.1 million.
Globalview's contribution on an annual basis going forward is
expected to be broadly in line with this.
The Acquisition is aligned with
FRP's strategy to generate sustainable profitable growth by
combining a focus on organic growth with acquisitions that meet the
Group's selective criteria. The Acquisition is the Group's twelfth
since its IPO in March 2020, and will enable the Group to increase
market share and broaden its valuation service offering to
clients.
Geoff Rowley, CEO of FRP Advisory said:
"Sarpel and the
team have a great reputation in their market. They share our values
and approach and will be a strong addition to our existing
valuation services offering.
FRP launched this offering in 2021, appointing Jim Davies as a
Valuation Services Partner. Jim has subsequently built a team able
to offer a full range of services, including Transaction
valuations, Restructuring valuations, Contentious valuations and
Financial Reporting & Tax valuations.
Following the acquisition, Sarpel Ustunel will join FRP as a
Partner, working alongside Jim, and our combined valuation team
will increase to 16 people"
Sarpel Ustunel, the Managing Director of Globalview,
said:
"Combining forces with FRP's experienced team is an exciting
next step for Globalview. We consider our services to be highly
complementary and working from a larger, established platform will
enhance our ability to serve our clients more
effectively.
In
addition to independent valuations for financial reporting
compliance, our clients will benefit from a range of professional
services offered by FRP's larger talent pool throughout a national
network. We look forward to working with our colleagues at FRP who
have been very supportive so far."
1,594,203 new ordinary shares are to
be issued as part of the Acquisition with application to be made to
trading on the AIM market of the London Stock Exchange
("Admission"). The Consideration Shares will rank pari passu with
the Company's existing ordinary shares. It is expected that
Admission of the Consideration Shares will become effective and
that dealings will commence at 8.00 a.m. on 22 October 2024.
Following the issue of the Consideration Shares the Company will
have 256,609,089 ordinary shares in issue with each ordinary share carrying the right to one vote and no
ordinary shares held in treasury. The above figure may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
1 Adjusted to reflect Partner compensation under the future FRP
model and excluding exceptional costs and share based payment
charges arising from deemed remuneration.
Enquiries:
FRP
Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cavendish Capital
Markets Limited (Nominated
Adviser and Joint
Broker)
Katy Birkin/ Stephen Keys/George
Lawson (Corporate Finance)
Tel: +44 (0) 207 220 0500
Investec Bank plc (Joint Broker)
Carlton Nelson / James Rudd
(Corporate Broking)
Tel: +44 (0) 207 597 4000
MHP
Group (Financial Public Relations)
Oliver Hughes
Eleni Menikou
Tel:
+44 (0)7701 308818
FRP@mhpgroup.com
Notes to Editors
FRP is a leading national specialist
business advisory firm established in 2010. It offers a range of
advisory services to companies, lenders, investors and other
stakeholders, as well as individuals. These services
include:
- Restructuring advisory: corporate
financial advisory, formal insolvency appointments, informal
restructuring advisory, personal insolvency and general advice to
all stakeholders.
- Corporate finance: mergers &
acquisitions (M&A), strategic advisory and valuations,
financial due diligence, capital raising, special situations
M&A and partial exits.
- Debt advisory: raising and
refinancing debt, debt amendments and extensions, restructuring
debt, asset based lending and corporate and leveraged debt
advisory.
- Forensic services: forensic
investigations, compliance and risk advisory, dispute services and
forensic technology.
- Financial advisory: transaction
services including financial due diligence, lender services,
financial modelling, valuations, pensions and company-side advisory
services.