01 March 2021
We are delighted to announce that Spectrum Corporate Finance Ltd has today been acquired by FRP Advisory Group plc (FRP), a leading UK professional services firm specialising in advisory services. Spectrum adds significant strength to FRP’s Corporate Finance and Debt Advisory service lines, and further enhances the Group’s position as a leader in the UK mid-market transactional space.
The entire Spectrum team will join FRP including seven as Partner: Simon Davies, Clive Hatchard, Ian Milne, Mark Farlow, Simon Sherliker, Darren Miller and James Mines.
Founded in 2010 by Simon Davies, Clive Hatchard and Ian Milne, Spectrum Corporate Finance has grown to a multi award-winning team of 27 operating out of offices in London and Reading. On average the team are closing c38 deals a year, with a total deal value of £900m.
The acquisition of Spectrum Corporate Finance aligns with FRP’s growth strategy to bolster their Corporate Finance and Debt Advisory pillars and extend their geographical footprint further into London and the South. Together, the enlarged Corporate Finance and Debt Advisory business now has 48 fee earners, including 18 partners spanning 9 UK offices. The wider FRP group including Spectrum, encompassing all service lines, has 470 colleagues across 21 UK offices.
Clive Hatchard, co-founder of Spectrum said: “This is the natural next step for Spectrum in its development as the M&A advisory market continues it's consolidation with boutique firms joining larger advisory organisations. FRP are absolutely the right partner due to their cultural fit, complementary services, focus on the mid-market and the entrepreneurial spirit of the leadership teams.”
Spectrum Corporate Finance will continue to trade under its current name and brand in the short term, whilst the firm begins the process of integration.
Geoff Rowley, CEO of FRP said: "This deal further bolsters our Corporate Finance and Debt Advisory offering, following the East Anglian JDC Group (Corporate Finance and Forensic Services) acquisition in September 2020. This highly complementary combination will give us a key position in the UK mid-cap transactional advisory market and will enable FRP to continue to help clients post Covid-19 in support of addressing their strategic ambitions and, in some cases, challenges. The Spectrum team have earned themselves a great reputation, particularly within the UK private equity community, and we are excited about the contribution they will make to FRP."
Simon Davies, co-founder of Spectrum said: "We are delighted to have found in FRP a partnership that shares our values of professionalism, quality and achieving the best possible outcome for clients. We are immensely proud of what we have achieved at Spectrum over the past ten years, and as a new chapter starts with FRP, we are excited at the opportunities this new partnership presents for our team and our clients. We are looking forward to continuing to grow our Corporate Finance and Debt Advisory businesses nationally, as a combined group.”
Ian Milne, co-founder of Spectrum, said: “The Spectrum Debt Advisory team has progressively grown its scale and market reputation over recent years and we now see a great opportunity to further drive this growth working both with FRP’s existing debt team and as part of a larger UK wide multi-disciplinary advisory business.”