The Manchester-based corporate recovery and professional services group Begbies Traynor has acquired the corporate finance practice Springboard in a deal worth a total of £2.75 million.
Springboard has a team of 15 professionals who operate out of offices in London, Birmingham and Nottingham, and work primarily in the context of mid-market entrepreneurial corporate finance deals in the UK.
The firm completed transactions with an overall value in excess of £225 million over the course of 2017 and has well-established relationships with private equity houses, management teams and owner managed businesses.
Begbies Traynor has said that the purchase of Springboard is reflective of its intention to create a “leading UK multidisciplinary professional services consultancy” and builds on its acquisition of the property consultancy firm Eddisons in 2015.
Current plans are to see Springboard continue to operate much as it has been doing to date, with its offices, branding and leadership structures all set to remain unchanged.
Simon Ward, a partner at Springboard, has welcomed the Begbies Traynor Group’s investment and described it as being “great news” for his company’s clients and its friends on the intermediary side of corporate financing.
“The acquisition provides us with the resources to build our practice with greater pace and recruit high quality individuals who can enhance our offering to both existing and prospective clients,” he said.
Mr Ward also describes Begbies Traynor as being “fully supportive” of Springboard’s growth ambitions, which he explained include plans to establish a “significant national presence”.
Reflecting on the acquisition, Begbies Traynor’s chairman Ric Traynor said the group’s purchase of Springboard will give it “critical mass in the mid-market corporate finance arena”.
He added that he sees strong synergies between Springboard and the existing corporate finance offerings that Begbies Traynor already provides.
“Bothshare a similar client base and range of intermediary relationships allowing for cross selling of newservices to existing clients,” he said in a recent statement on the subject.
“We will work with Springboard’s talented management team to grow their offering and proactively build a presence in morelocations.”