Harwood Private Equity completes the £75 million take-private of Frenkel Topping Group plc.
Funds managed by Harwood Private Equity LLP (Harwood) completed the public-to-private acquisition of Frenkel Topping Group plc, the AIM-quoted specialist financial services group, in a transaction valuing the company at approximately £75 million. The acquisition was completed in July 2026 and was made through Irwell Financial Services Bidco Limited, a newly formed company indirectly owned by funds managed by Harwood, by way of a court-sanctioned scheme of arrangement.
Headquartered in Salford and with a turnover of approximately £45 million, Frenkel Topping specialises in financial advice and investment management for individuals who have experienced personal injury or clinical negligence. The group supports clients throughout the life of a claim, providing expert witness and costing reports during litigation and tailored fund management and personal care solutions following settlement. It has established a strong market position through a combination of organic growth and targeted acquisitions.
Under the terms of the offer, shareholders were entitled to receive 50 pence in cash per ordinary share, with an alternative offer allowing them to retain an economic interest in the business through securities in the acquiring vehicle. Moving into private ownership gives Frenkel Topping access to the funding required for its next phase of growth , capital the board had found increasingly difficult to secure as a small-cap listed company and gives Harwood, investing through its sixth fund, a platform in the specialist financial services sector.
Crowe's role and team
Crowe acted as financial and tax due diligence adviser to Harwood, and also provided tax structuring advice.
The financial due diligence was led by Geert Struyven and David Payne, supported by Aaron Clare, Solomon Akinniyi and Conor McMillian. The tax due diligence and structuring work was led by Emma Reynolds, with support from Jack Paine and George Sheppard.
Client quote
“The Crowe team provided high-quality and commercially focused due diligence throughout the transaction process. Their responsiveness, attention to detail and ability to identify and communicate key issues clearly gave us confidence in our decision-making and helped ensure an efficient and successful outcome.”
James Agnew, Partner, Harwood Private Equity LLP
