Grant Thornton advises First Protocol Group Limited

FIRST is a global brand experience and events agency, servicing clients in the financial services and technology sectors. The business was established in 1996 in the UK and has grown globally, now delivering events to more than 30 countries and serving the largest technology and financial services brands in the world. The business is headquartered in London with offices in New York and Singapore. As the business developed, it has become US centric, with c.70% of business delivered in the USA.

FIRST provides services to its clients through two distinct business models: Solutions and Agency. The Solutions model involves embedding FIRST employees within clients' onsite event delivery teams, while the Agency model functions as a traditional events agency, where the FIRST team acts as the strategic events partner for the client.

Having delivered strong historical growth, the shareholders were looking to realise value for the business and exiting board members whilst also seeking a partner to support them on their next stage of the journey.

The Grant Thornton (“GT”) Corporate Finance team were appointed due to a combination of sector expertise, knowledge of international buyers and ability to provide a full-service offering, including financial and tax vendor due diligence and modelling. 

The GT team collaborated closely with FIRST management during an extensive preparation phase to gain a comprehensive understanding of the business and ensure it was optimally positioned for sale. During this period, the GT TAS team delivered Financial and Tax VDD services to facilitate a smooth due diligence process as the deal approached its conclusion.

GT marketed the deal globally, to both Strategic and Private Equity players, soliciting several offers for the business, and providing the shareholders with an array of exit options. 

The up-front preparation enabled the diligence process to run efficiently, minimising disruption to the business. We provided 360 support to FIRST, working closely with other providers and calling on wider GT expertise to navigate complex international deal issues, driving value maximisation throughout the process, and delivering on shareholder objectives.