M&A Advisory


Adviser to leading private equity investment manager Foresight Group LLP on its sale of R&D tax specialist GovGrant.

The deal

Our Corporate Finance team has advised leading private equity investment manager Foresight Group LLP (“Foresight”) on its sale of R&D tax specialist Innovation Consulting Group Limited (“GovGrant”).

St Albans-based 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 £300 million in research and development and patent box tax relief for its customers.

Foresight has successfully sold GovGrant, for an undisclosed sum, to Source Advisors, a tax consulting firm from Fort Worth, Texas. This is one of two exits that FRP Corporate Finance have supported Foresight with in 2023, following Foresight’s sale of Camloc in March 2023.

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.

Led by partner Mark Farlow, along with associate director Ed Shurville-Darlington and manager Charlie Hallaran, our team acted as exclusive sell side advisors on the deal, negotiating the transaction on behalf of shareholders and managing the due diligence process.

Mark Farlow, partner at FRP Corporate Finance, said: “This deal means GovGrant is now part of an ambitious global group, providing the potential to accelerate the firm’s future growth.

“It comes as we have seen significant deal activity in the accountancy sector on both sides of the Atlantic, as firms look to broaden their range of professional services and enter new markets, often with private equity backing. We expect to see this trend continue throughout 2023.”

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.

“Mark, Ed and Charlie worked tirelessly to get the deal over the line in a short timeframe and the advice they provided throughout the process was crucial in achieving what was a highly successful exit for all shareholders.”

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.”

Foresight were also advised by Shoosmiths (legal) and Menzies (tax) on the sale of GovGrant to Source Advisors.

Deal summary


March 2023


Business services

Deal type:

Selling a business

Deal size:


This deal means GovGrant is now part of an ambitious global group and provides the potential to accelerate its future growth. Mark Farlow Corporate Finance

Related team

Mark Farlow

Mark Farlow

  • Partner
  • Corporate Finance
  • London West End

Ed Shurville-Darlington

Ed Shurville-Darlington

  • Director
  • Corporate Finance
  • London West End

Charlie Hallaran

Charlie Hallaran

  • Senior Manager
  • Corporate Finance
  • London West End