Redde acquires FMG
Redde plc (formerly Helphire Group plc) has acquired FMG group of companies from private equity firm Endless in a £43.2m deal.
Redde said the purchase supports its strategic objective of growing earnings on a sustainable basis and broadening the scope of services it offers related to its core businesses. Martin Ward, chief executive of Redde, said, ‘FMG is a quality business and has a strong reputation in its fields of business for serving its customers well. We have worked together in the legal services arena for a number of years and this acquisition is a further step in strengthening Redde’s proposition to its customers as we build on our recent successes.’
Andrew Cope, executive chairman of FMG, said, ‘This is a truly exciting day in the long history of FMG. We strongly believe that marrying FMG’s people, knowledge and innovative capacity to Redde’s long-term investment and commitment to the vehicle claims industry will result in an outstanding service and technical proposition for our customers today, tomorrow and well into the future.’
The acquisition is subject to the requisite regulatory approvals being received from The Financial Conduct Authority and the Solicitors Regulation Authority. Completion is expected to occur within three months.