Redde plc agreed to acquire FMG Support Limited from itsmanagement and Endless Fund III managed by Endless LLP for approximately £43.2 million.
The transaction is subject to the requisite regulatory approvals from The Financial Conduct Authority and the Solicitors Regulation Authority. Andrew Cope will continue as a non-executive director, advising on strategy. The completion is expected to occur within 3 months. The acquisition is expected to be immediately earnings enhancing and cash generative. Ian Soanes, Liz Bowman of Cenkos Securities plc acted as financial advisors to Redde plc. David Bick, Mark Longson of Square1 Consulting acted as strategic advisor and Nic Hellyer, Alex Wright of N+1 Singer acted as broker. Martin Jenkins, Jeremy Thomas and David Frith of Deloitte and Steve Heath of KPMG acted as accountants to the shareholders of FMG. Jonathan Jones and Hannah Kendrick of Squire Patton Boggs acted as legal advisor to shareholders of FMG. KPMG acted as financial and tax due diligence provider to Redde. Berwin Leighton Paisner acted as legal advisor for Redde.