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(Sharecast News) - FRP Advisory Group announced the acquisition of Globalview Advisors on Thursday, for total consideration of £5.5m.
The AIM-traded firm said that as part of the transaction, Globalview's managing director Sarpel Ustunel would reinvest £2.2m of the proceeds into FRP's new shares.
Ustunel would join FRP as a partner, bringing Globalview's team of eight valuation professionals into FRP's financial advisory division.
FRP said Globalview, based in London, specialises in valuation services primarily for UK clients.
For the year ended 31 December 2023, Globalview reported unaudited revenue of £2.7m and EBITDA of £1.5m.
Under FRP's financial model, Globalview was expected to contribute adjusted EBITDA of £1.1m annually.
The board said the acquisition aligned with FRP's strategy of combining organic growth with selective acquisitions to drive sustainable profitability.
It was FRP's 12th acquisition since its initial public offering in March 2020.
"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," said chief executive officer Geoff Rowley.
"FRP launched this offering in 2021, appointing Jim Davies as a valuation services partner."
Rowley said Davies had since built a team able to offer a full range of services, including transaction valuations, restructuring valuations, contentious valuations and financial reporting and 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."
At 1446 BST, shares in FRP Advisory Group were down 0.64% at 135.62p.
Reporting by Josh White for Sharecast.com.
