RBG Holdings PLC
- Market Cap (£m) 21.4
- Listing AIM
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Company Description
London-based RBG Holdings plc is a legal and professional services group, which incorporates two of the UK's leading law firms, Rosenblatt and Memery Crystal. RBG was incorporated as a holding company in February 2018 to acquire Rosenblatt, one of the UK's leading litigation practices focused on contentious law and dispute resolution, and subsequently listed on AIM in May 2018. The group changed its name to RBG Holdings Plc in 2019 to reflect its increasingly diverse nature, having acquired sell-side corporate finance boutique Convex Capital. The acquisition of Memery Crystal (MC) in 2021, a specialist in non-contentious, corporate and real estate, added significant scale and breadth to its legal services division.
Investment Summary
RBG is a unique professional services group with a diversified revenue base. The transformational acquisition of Memery Crystal (MC) in 2021 broadened the revenue base with a better balance between contentious (Rosenblatt) and non-contentious (MC) work. RGB Legal Services enjoys high margins and strong cash generation with superior returns from dispute resolution and litigation, with industry leading KPIs. The more traditional profit-share approach has been replaced by the issue of equity, which closely aligns management with shareholder interests. We see further scope for bolt-on deals in higher-margin areas and with 'buy and improve' potential. RBG acquired the high-margin, cash-generative, sell-side corporate finance boutique Convex Capital in 2019, which has an excellent track record, consistently delivering good valuations and multiples. RBG is looking to exit LionFish, its third-party litigation finance arm launched in May 2020, which could free up capital for further M&A.
Recent Content
Signs of stabilisation
28/09/2023 RBG Holdings PLC
RBG has reported a solid set of H1 23 results for the six months to 30 June, with […]
Back to its roots…
07/08/2023 RBG Holdings PLC
RBG has, in recent days, given a trading update that reflects the challenging conditions, written down the values […]
LionFish sale completed
17/07/2023 RBG Holdings PLC
Last week, RBG announced the successful disposal of LionFish to Blackmead Infrastructure for a total consideration up to […]
Core strength, with LionFish sale underway
05/05/2023 RBG Holdings PLC
RBG’s FY22 results, announced on 26 April, reflected a year of significant progress and a strong performance from […]
Refocus on professional services
31/01/2023 RBG Holdings PLC
RBG has confirmed that results for the year ended 31 December 2022 are expected to be in line […]
LionFish losses have a silver lining
09/12/2022 RBG Holdings PLC
RBG issued a trading update on 5 December highlighting that LionFish, its litigation finance arm, has lost two […]
Solid first half shows resilience of model
13/09/2022 RBG Holdings PLC
RBG has reported a solid set of results for H1 22, in line with its July trading update, […]
Diversified revenue stream … and high margin
19/07/2022 RBG Holdings PLC
RBG is a unique provider and consolidator of high-margin professional services businesses. Strong growth in FY21 and solid […]
Company Management Team
Jon Divers
Chief Executive Officer
Jon Divers joined RBG Legal Services (RBGLS) In February 2022 as Chief Operating Officer. Prior to this role in Professional Services, Jon held a variety of senior management and Managing Director roles in the transport and logistics sector. He has strong focus on organic revenue growth and margin through cost control and believes all businesses have an opportunity for improved efficiency. Jon's background in industry has given him a broad range of experience working with the international and time sensitive supply chains, union wage negotiations and demanding clients. He believes that these commercial skills transfer well into Professional Services as a sector that is transforming and changing rapidly and is excited by the opportunities that lie ahead.
Kevin McNair
Interim Finance Director
Kevin McNair has ‘more than 25 years’ experience in financial management and capital markets’, RBG said, alongside spending the last 18 years as finance director and chief financial officer ‘of various publicly quoted and privately-owned businesses’. These include serving as interim CFO at Ebiquity PLC and CFO at GYG PLC.