Wealth manager Frenkel Topping has 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.

The deal, which is valued at £9m, will see Frenkel Topping pay £5m in cash upfront. Additionally, the company will make a deferred payment of £3.1m over the next two years and the remaining amount through issue of shares in the company.

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It will enable the company to provide financial advice to recipients of substantial personal injury and clinical negligence awards.

Reuben Glynn and Teresa Aitken, the chief executives of the purchased companies, will continue to lead their respective companies and become shareholders in Frenkel Topping.

Frenkel Topping CEO Richard Fraser said that the double deal will strengthen the company’s offering and drive its continued growth.

Fraser noted: “The acquisitions fit exactly into our strategy of acquiring high-quality businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of Forths last year.”

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In July last year, Frenkel Topping raised £13m through an oversubscribed placing to support its consolidation in the pre-settlement professional services market through acquisitions that have synergies in the personal injury (PI) and clinical negligence (Clin Neg) space.

At the same time, Frenkel Topping also concluded the acquisition of forensic accountancy firm Forth Associates.

The purchase is said to enable Frenkel Topping to become the largest independent provider of financial expert witness reports to the claimant market.

Earlier in 2020, Frenkel Topping, through its discretionary fund management (DFM) unit Ascencia Investment Management, formed an equal stake joint venture with IFA Truly Independent.