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Highlights:
- Strategic Acquisition: FRP Advisory Group acquires Globalview Advisors in a £5.5M deal to expand valuation services.
- Leadership and Team Growth: Globalview’s managing director Sarpel Ustunel will join FRP as a partner, with the combined valuation team increasing to 16 professionals.
- Financial Contribution: The acquisition is expected to add £1.1M in adjusted EBITDA annually to FRP’s financials.
FRP Advisory Group (LSE:FRP) has announced the acquisition of Globalview Advisors, a specialist valuation firm, in a deal worth £5.5 million. As part of the transaction, Globalview's managing director Sarpel Ustunel will reinvest £2.2 million of the proceeds into FRP shares, joining the company as a partner. This move strengthens FRP’s financial advisory division, incorporating Globalview’s team of valuation professionals.
Globalview, based in London, brings expertise in valuation services, primarily catering to UK clients. For the year ending December 2023, Globalview reported unaudited revenues of £2.7 million and an EBITDA of £1.5 million. According to FRP, the acquisition is expected to contribute £1.1 million in adjusted EBITDA annually under FRP’s financial model.
This acquisition marks FRP’s 12th deal since its initial public offering in 2020, aligning with its strategy of combining organic growth with selective acquisitions to enhance sustainable profitability. The firm launched its valuation services in 2021 and has been steadily building a team to offer a comprehensive range of financial advisory services.
FRP’s chief executive officer, Geoff Rowley, praised Ustunel and his team, noting that they will be a valuable addition to FRP’s existing valuation services. Ustunel will work alongside Jim Davies, FRP’s valuation services partner, growing the combined valuation team to 16 professionals.
The move is expected to bolster FRP’s expertise in areas such as transaction valuations, restructuring valuations, and financial reporting and tax valuations. Despite the strategic growth move, FRP shares dipped slightly, trading at 135.62p.
