A US private equity firm has agreed a deal to take a majority stake in Progeny, supporting the professional services firm’s acquisition and organic growth plans.
Further Global Capital Management will acquire a majority stake, subject to regulatory approval, with the investment intended to both support and accelerate Progeny’s ambitions.
The company’s senior management team will remain in place, and both management and Progeny’s existing capital partner, LSG Holdings, will remain as significant shareholders in the company.
The increased access to capital for Progeny as a result of this transaction is expected to power both the organic and inorganic growth of the business in the years ahead.
It also intends to continue its acquisition strategy, bringing in select firms that add defined and significant value for clients and shareholders.
Neil Moles, chief executive at Progeny, said: “This marks an important and exciting milestone in the development of the business, allowing Progeny to continue its growth trajectory and accelerate our plans to become the best and most respected professional advisory firm in the UK.
“This will cement our status as one of the fastest growing businesses in the region and the UK as a whole and represents a huge investment in the regional economy. In our five-year lifespan we have grown to employ more than 230 people, and we intend to keep on creating more high-quality jobs and opportunities across the region and in all the geographies we operate in over the UK.
“The investment means that we can continue to look after our clients in the manner to which they have become accustomed, by developing new products, constantly improving our service and placing them at the centre of our growth plans.”
Max Baumrin, a partner at Further Global Capital Management, added: “We could not be more excited to be partnering with Neil and the entire Progeny team as they continue to build what we believe is rapidly becoming one of the UK’s best known and best managed professional advisory firms.
“Having looked at this sector for a number of years now and having looked at a number of competing platforms, we could not be more impressed with the strength and cohesion of the business that Progeny has been able to build to date. We look forward to providing Progeny with the capital and analytical help it will need going forward to continue to build upon Neil’s vision of creating the UK’s best professional advisory firm.”
The transaction involved a number of Yorkshire advisers, with KPMG advising the shareholders (Christian Mayo, Stewart Cape and Samuel Friel), Park Place advising the management team (Ben Peacock, Ian Hale and Hector Simpson), Squire Patton Boggs providing legal advice (Paul Mann, David Milne, Guy Ruddy, Emily Downie and Sarah Hardman) and PwC providing vendor financial due diligence (Will Oxley).
Progeny Group is based in Leeds with offices in London, Edinburgh, Buckinghamshire, West Sussex, Lancashire and Ayrshire.
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