Frenkel Topping Group PLC - Manchester-based professional and financial services firm focused on asset protection - Acquires legal services firm Somek & Associates Ltd and care management provider N-Able Service Ltd.
Buys Somek for an undisclosed sum but notes that it was within its stated maximum consideration of between 1.25 times to 1.5 times the annual run rate revenue. Buys N-Able for an initial cash consideration of £550,000 with a further cash payment of £275,000 on the first anniversary of completion, and an earnout payment of up to £275,000 on the second anniversary of completion.
‘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,’ Chief Executive Richard Fraser says.
Current stock price: 69.13 pence
12-month change: up 9.7%
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