UK-based specialist protection advice firm Frenkel Topping has bought Cardinal Management for £10m ($13.2m, €11.7m).
The acquired business works in close partnership with a number of key NHS major trauma centres to provide major trauma signposting partnership (MTSP) support services.
The M&A deal will see Frenkel Topping pay an initial £5m on completion, with the additional consideration of up to £5m due based on an earn-out basis linked to performance targets, the advice firm said in a London Stock Exchange filing.
This marks the latest acquisition in the personal injury and clinical negligence space, a market where the firm wants to pursue “quality opportunities” and “drive consolidation”.
Expansion
Andrew Pemberton, managing director of Cardinal Management, said: “I am exceptionally proud of the work the MTSP does both in terms of the patients it helps and the assistance it brings to front line NHS staff.
“Over the last five years we have provided bedside advice and support to more than 5,000 trauma patients and facilitated more than £120m in personal injury compensation awards.
“Our existing relationship with the Frenkel Topping Charitable Foundation demonstrates how the two organisations can, by working together, ensure the long-term stability of the service and provide a home from which the service can develop longer term to help even more patients turn what has been a very bad day, into a better one.”
Richard Fraser, chief executive of Frenkel Topping Group, added: “The acquisition of Cardinal fits exactly into our strategy of acquiring high-quality businesses in the personal injury and clinical negligence market which provide established opportunities for us to extend our reach into the sector and expand our client base.
“The timely support provided by Cardinal inside hospitals immediately after injury is absolutely crucial for injured parties to receive the best possible outcomes and we are delighted to be working with Andrew to grow that level of support to more of the Major Trauma Centres across the country.
“Andrew cares deeply about supporting patients and NHS teams inside trauma centres and I have been greatly impressed by his approach to developing the MTSPs. I very much look forward to welcoming Andrew and Cardinal into the enlarged business and continuing the outstanding work they do.”
Background
In 2021, Frenkel Topping acquired A&M Bacon and Partners in Costs, a civil and commercial litigation costs specialist and a costs law consultancy, respectively.
It also partnered with two law firms – namely Ralli and Pattison & Brewer – to set up two joint ventures within the legal, severe injury and medical negligence sector.
