Frenkel Topping, a specialist advice firm focusing on personal injury and clinical negligence cases, has acquired two firms in the care and case management sector.
The acquisitions of Somek and Associates Ltd and N-Able Service Ltd have been funded through existing cash resources.
Somek is one of the largest providers of expert witnesses in the UK, offering professional trained experts in a range of health professions.
The firm works with both claimants and defendants and specialises in care reports in the personal injury and clinical negligence sector.
Frenkel Topping is to pay an initial cash consideration of £4m for Somek, with a further cash payment of £1.5m on the first anniversary of completion and an additional £1.5m earnout on the second anniversary subject to performance criteria.
Somek recorded revenues of £4m for the year to 31 March.
N-Able is a professional service firm providing case management and care expert reports focusing on specialist, bespoke rehabilitation and lifestyle programmes.
The firm works with legal and insurance firms to lead and support clients through rehabilitation and litigation.
Frenkel Topping is to pay £0.55m for N-Able, with a further cash payment of £275,000 on the first anniversary of completion and an additional £275,000 earnout on the second anniversary of the deal subject to performance criteria.
N-Able reported revenues of £1m for the year ended 31 May.
The Frenkel Topping Board expects both acquisitions to be earnings enhancing in their first full financial year of ownership.
Richard Fraser, CEO of Frenkel Topping, said: “These are excellent acquisitions and I welcome the businesses and their employees to the Frenkel Topping Group.
“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.”
Frenkel Topping has also recently entered into a number of joint ventures in the personal injury and clinical negligence space, taking the total number of JVs to eight.
The venture announced in July aims to provide “a seamless legal and financial advice journey to clients involved in litigation after injury, illness or clinical negligence” and also combine both firms’ skills and resources.
Frenkel Topping says the seven other JVs have added £68.5m of Assets Under Management to the company so far and represented 16% of AUM added in the last financial year.
