Financial services firm FRP, a listed professional services group with roots in insolvency and turnaround, is moving into South Wales.
The group has agreed a deal to buy Lexington Corporate Finance for £3m, with £2.2m in cash and FRP shares worth £1.3m.
Gary Partridge is a well known, well liked corporate financier in the South West and South Wales and will join FRP as a partner.
The other 14 members of his Lexington team will also join FRP.
He founded Lexington as a UK Mid-Market advisory firm after leading PwC’s Corporate Finance team in the South West and also had a spell in global acquisitions with BT’s M&A team.
Last financial year Lexington made £600k of EBITDA, on revenues of £2.3m.
The deal is in line with FRP’s strategy to buy businesses that give it market share, offer something new and expand its geographical footprint. The acquisition is FRP’s tenth since IPO in March 2020.
Geoff Rowley, chief executive of FRP Advisory 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.”
Gary Partridge said: “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.”
Lexington is expected to work closely with our Bristol office, which recently appointed Tim Spooner as partner following a 20-year career with KPMG, to join existing partner Mark Naughton.
In 2023, the Corporate Finance team advised on more than £1.5bn-worth of deals nationally, raising more than £500m in debt funding for clients.
