Wealth manager Frenkel Topping has acquired legal costs consultancy Bidwell Henderson Costs Consultants in a deal valued at £1.48m.

Under the agreement, Frenkel Topping will pay £0.74m at the close of the deal.

The firm will pay the remainder of the purchase price in two equal amounts of £0.37m on the first and second anniversary, post completion of the deal.

An additional earn-out will also be payable in 2024 if the business meets certain targets.

Established in 2014, Bidwell Henderson specialises in high-cost case plans and claims, and legal aided matters.

Based in Derbyshire and Newcastle upon Tyne, currently employees 55 individuals across its two offices.

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By GlobalData

Frenkel Topping said that the deal is in line with its strategy to pursue quality opportunities.

The firm also intends to accelerate the consolidation of the pre-settlement professional services marketplace in PI and clinical negligence with this acquisition.

Frenkel Topping CEO Richard Fraser said: “This acquisition is in line with our strategy of maximising touch points in the PI and clinical negligence space with the added benefit of being able to sell Frenkel Topping services into existing Bidwell Henderson clients and look to further the AUM growth of the group.”

Last year, Frenkel Topping raised £13m to supports its ambitious plan to become a market leader in delivering a full service offering, mainly in PI and Clin Neg.

Earlier this year, the firm acquired civil and commercial litigation costs specialists A & M Bacon and Partners in Costs as part of its growth efforts in the personal injury and clinical negligence markets.

In February last year, Frenkel Topping, through its discretionary fund management unit Ascencia Investment Management, formed an equal stake joint venture with IFA firm Truly Independent.