Fri, 19 Jul 2024 | BUSINESS SALE
Lexington Corporate Finance, a boutique advisory firm based in Cardiff, has been acquired by FRP Advisory Group in a £3.5 million deal. The acquisition of the company, which also has an office in Bath, Lexington, is FRP’s first takeover in Wales.
The company provides corporate finance services to clients locally and nationwide. The deal will see one of Lexington’s directors, founder Gary Partridge, join FRP as a partner, while the remainder of the team will also join the group.
The deal represents a 5.8x multiple of Lexington’s unaudited reported EBITDA of £600,000 for the year ending April 30 2024, generated on consolidated unaudited revenues of £2.3 million. Going forward, it is expected that Lexington's underlying incremental contribution to FRP on an annual basis will be around £2.7 million in revenue and around £700,000 in adjusted EBITDA.
The deal is described as aligning with FRP’s strategy of generating sustainable, profitable growth by combining organic growth with M&A activity that fits its selective criteria. According to FRP, this enables it to increase its market share, broaden its service offering and expand its geographical footprint. The deal is FRP’s tenth acquisition since its March 2020 IPO.
FRP Advisory CEO Geoff Rowley said: "Wales was a target region for FRP and this acquisition further strengthens our National Corporate Finance business. The team will go to market locally as FRP Corporate Finance.”
"We are pleased to welcome Gary and the team to FRP; they share our values and I have no doubt will make a strong contribution, as we continue to grow."
Gary Partridge, founder of Lexington, added: "We are delighted to be joining FRP Corporate Finance and are excited at the opportunities that being part of FRP presents for our team and our clients. We are all immensely proud of what we have achieved as a team at Lexington over the past nine years and being part of FRP will be a launch pad to enable us to offer a broader range of services to our clients.”
"We are confident that by building upon our shared values of quality and professionalism with FRP, we will accelerate our growth."
Find out more about M&A in the professional services industry
Established in the early 2000s, the company is a long-standing independent recruitment specialist, with a focus on the haulage, industrial and technical. Currently based in the North West, the company prides itself on its strong ethos and upholds a c...
The business offers accredited electrical engineering training for large corporations, SMEs, and individuals. Operating primarily on a B2B basis across the UK, the company provides its offering to organisations covering a diverse range of industries,...
The company supports energy organisations in meeting supplier licence conditions with services such as meter reading, debt collection, and tampering detection under its revenue protection services.
04
|
Sep
|
Holiday home management firm secures investment and completes two deals | BUSINESS SALE
A holiday home management company based in the North East ha...
04
|
Sep
|
Burdens Group’s northern business acquired out of administration | BUSINESS SALE
The northern business of Lincolnshire agricultural machinery...
04
|
Sep
|
PE-backed accountancy establishes London presence with acquisition | BUSINESS SALE
Duncan & Toplis, a private equity-backed accountancy and bus...
13
|
Sep
|
Sheffield insolvency firm sold to FRP at 6.8x EBITDA | BUSINESS SALE
The Wilson Field Group, a Sheffield-based insolvency special...
07
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
10
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.