FRP advises on GovGrant sale to Source Advisors

FRP has successfully advised on the sale of R&D tax specialist Innovation Consulting Group Limited (GovGrant) by leading private equity investment manager Foresight for an undisclosed sum.

GovGrant was founded in 2006 to advise firms on securing the maximum available benefits from Government-backed innovation incentives in the UK and maximising the value of their Intellectual Property. The Company has secured over £300m in research and development and patent box tax relief for its customers.

The company has now been acquired by Source Advisors, a tax consulting firm from Fort Worth, Texas.

David Miles, senior investment manager at Foresight, said: “The team at FRP has known GovGrant for a number of years and their sector knowledge and professionalism has always been apparent, so we were delighted to work with them on this exit.”

The combined business has pledged to continue to provide unparalleled expertise, tailored solutions and stellar client service, while working to ensure a smooth transition for clients and employees as they expand their global reach.

Luke Hamm, CEO of GovGrant, said: “Mark and the team at FRP Corporate Finance have provided us with support for many years, which enabled them to best advise us on the right partner for the next stage of our growth at exactly the right time. The team drove an ambitious timeline and were instrumental in the successful completion of the deal.”