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Advisers collaborate to deliver cross-border merger

Advisory teams from Menzies LLP and PDT Solicitors have helped to pave the way for a strategic, cross-border merger involving the UK-based management consultancy, Retail Business Research (RBR), and Boston-based, Aite-Novarica Group (ANG).

Led by Kevin Paget, the shareholders of advised RBR were advised by Menzies LLP on the merger, which was announced to the marketplace on 12 April 2022. Menzies LLP worked closely with Noel Ruddy and his corporate transactions team at PDT Solicitors to optimise the deal on behalf of the shareholders.

The strategic, cross-border merger brings together RBR, the leading provider of strategic research and data on banking automation, cards, payments, and retail technology, and ANG, an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to banks, payment providers, insurers, and securities firms. The combined firm will be jointly headquartered in Boston (USA) and London.

Commenting on the deal, Dominic Hirsch, MD of RBR, praised both advisory teams saying:

“Both advisory firms demonstrated a strong understanding of the marketplace and the proposition of the combined business. The cross-border nature of the deal meant due diligence had to be robust and the deal itself was well put together and well evidenced. I am delighted with the outcome and look forward to working alongside colleagues within the combined business as we forge an exciting new growth story.

“My sincere thanks go out to Kevin Paget, Menzies LLP, and Noel Ruddy, PDT Solicitors, and their respective teams for all their efforts throughout the process.”

Commenting on the deal, Kevin Paget, corporate finance director at Menzies LLP, said:

“This transaction has been immensely satisfying for the advisers as much as for our client. It is rare that you have the opportunity to facilitate such an excellent strategic match in bringing together two companies that share cultural similarities and benefit from strong, complementary skillsets. I am looking forward to seeing the combined business go from strength to strength.”

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Noel Ruddy, head of corporate at PDT Solicitors, added:

“The shareholders and management of RBR have created a strong brand with some fantastic clients. With the additional scale that ANG will bring, RBR will be able to expand its offering across a number of new channels. We were pleased to have been able to work with the team at Menzies LLP and wish Dominic and his team the very best for the future.”


MENZIES is a top 25 accountancy firm in the UK. The firm’s accountants, finance and business, and private client advisors operate out of a network of offices across Surrey, Hampshire, London and Cardiff, providing our clients with easy access and local knowledge. Described as the ‘best performing firm outside of the top 10’ by Accountancy Magazine, MENZIES has over 400 employees and an annual turnover of more than £40m.

Menzies are members of HLB International, a global advisory and accounting network. HLB is ranked in the top 12 international accounting networks. It is a fast-growing, dynamic network of worldwide accounting firms and business advisors, servicing clients through its member firms in over 150 countries.

An award-winning firm, Menzies won ‘Transaction Services Team of the Year’ at the 2020 Insider South East Dealmakers Awards and ‘TRI Employer of the Year’ at the 2019 Turnaround, Restructuring and Insolvency (TRI) Awards. It was also named as one of the 2021 Top Accountancy Firms by eprivateclient.

MENZIES offers a full range of services – tax, corporate finance, audit & assurance, business recovery and forensic accounting, as well as strategic advisory, outsourced services, people solutions, wealth management and business valuations. Visit here for more information.

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