M&A Advisory

Rho Motion

Adviser on the sale of EV market intelligence firm, Rho Motion, to Benchmark Mineral Intelligence.

The deal

Industry leading forecast analysis provider, Rho Motion, has been acquired by Benchmark Mineral Intelligence (Benchmark), a leading provider of data and market intelligence for the electric vehicle (EV) supply chain, in a deal supported by our Corporate Finance team.

The merger, which creates a near 250-strong team, forms the world’s largest platform for prices, data and market intelligence dedicated to the full spectrum of critical mineral and energy transition supply chains. The strategic acquisition allows Benchmark to significantly expand its market coverage into complementary sectors, further solidifying its position as a leader in its industry.

Founded in 2018, London-based Rho Motion provides forecasts and analysis across the energy transition landscape. By integrating Rho Motion’s capabilities, Benchmark will now offer enhanced supply chain visibility as it continues to set reference prices for lithium and other key battery raw materials and chemicals.

The acquisition was facilitated by our Corporate Finance team, which was appointed by Adam Panayi, Managing Director and Founder of Rho Motion, to seek investment to support its growth ambitions. FRP Corporate Finance acted as the lead sell-side advisor, managing all aspects of the sale to Benchmark, which is back by US investor Spectrum Equity.

Joel Coulson, Director at FRP Corporate Finance, said: “This transaction represents two industry-leading businesses coming together to create a powerful solution for their customers. As the EV market continues to mature, we’re seeing more and more complementary businesses looking to pool their resources to strengthen and diversify their offer. It’s a pleasure to have advised Rho Motion through this transaction and into the next stage of its growth journey.”

Adam Panayi, Founder of Rho Motion, said: “We thank the team at FRP Corporate Finance for their invaluable support throughout the process. Their expert advice ensured a smooth and successful transaction.”

FRP Corporate Finance worked alongside Marriot Harrison who provided legal advice to Rho Motion.

Deal summary


June 2024


Business services

Deal type:

Selling a business, Private Equity

Deal size:


This transaction represents two industry-leading businesses coming together to create a powerful solution for their customers. Joel Coulson Corporate Finance

Related team

Joel Coulson

Joel Coulson

  • Director
  • Corporate Finance
  • London

Adrien Vendran

Adrien Vendran

  • Executive
  • Corporate Finance
  • London