Hampshire’s Hilton-Baird Group acquired by FRP Advisory in £8.4m deal

National business advisory firm FRP has acquired Southampton-based commercial finance and risk management specialists Hilton-Baird Group.

The deal is for a consideration of £7 million, plus an amount for the net assets acquired on completion – estimated at £1.4 million – and a three-year performance-based earnout.

Hilton-Baird provides commercial finance and credit insurance brokerage, outsourced risk and receivables audit, as well as credit management and commercial debt collection services.

Its clients include independent lenders, banks, SME and corporate businesses, as well as insolvency practitioners from across the UK and Europe.

The firm has also built strong relationships over the past 25 years with several asset-based lenders (ABLs) – a major client group for FRP.

Hilton-Baird will continue to operate under its own branding and sit within FRP’s debt advisory pillar.

Four of the company’s directors – Alex Hilton-Baird, Evette Orams, Graham Bird, and Ian Tramaseur – will become partners at FRP, joining the firm along with the rest of the 36-strong Hilton-Baird team.

Geoff Rowley, CEO of FRP Advisory, said: “I’ve worked with Alex and the team for over 15 years and know they share our values.

“Their reputation in the market is for hard work, honesty and integrity in providing the highest level of service to clients.

“They’ve built an impressive client base which is testament to the quality of their team and dynamic business model.

“We’re delighted to welcome new FRP Partners Alex, Evette, Graham and Ian together with all other Hilton-Baird colleagues to FRP.

“This is our ninth acquisition since admission to AIM in March 2020, demonstrating the continued delivery of our strategy to generate sustainable profitable growth by combining a focus on organic growth with acquisitions that meet the group’s selective criteria.

“The combination with Hilton-Baird provides opportunities to support growth across several of FRP’s service pillars, and I have no doubt they’ll make a strong contribution to the group as we continue to grow profitably.”

Alex Hilton-Baird, founder of Hilton-Baird, added: “We’re delighted to join FRP Advisory and are excited to embark on a shared journey, alongside likeminded professionals who share our passion and drive in delivering the best possible outcomes for clients, colleagues and shareholders.

“Building on the strength of our fantastic team, joining FRP will enable us to continue to attract and grow the talent necessary to deliver our market leading brokerage, ABL audit and commercial debt collection services on a national basis, while continuing to grow our direct services to SME, corporate and advisory clients.”

2,310,557 new shares are to be issued as part of the acquisition. Dealings are expected to commence at 8.00am on 16 May 2024.