Bolton-headquartered professional services group K3 Capital has completed a share placing move which saw it raise £10m to fund two acquisitions.
The oversubscribed placing included 2,941,934 new ordinary shares which were given an issue price of 340p each.
The news comes after the listed group first announced the proposals earlier in the day.
The proceeds will be used in part to fund the acquisitions of KCFC and KRD and to satisfy an element of fees payable in relation to the placing and deals.
KCFG is a specialist M&A advisory firm within the telecoms and technology sectors with consistent growth of revenue and EBITDA over recent years.
For the financial year ended March 31, 2021, KCFG generated a revenue of £1.71m and normalised EBITDA of £780,000.
Its acquisition will be completed for a consideration of £8.6m.
KRD is a specialist R&D tax advisory firm servicing UK SMEs, with consistent levels of revenue and EBITDA growth over recent years and "an impressive" EBITDA margin.
It will be snapped up for a consideration of up to £16.3m.
K3's chief executive John Rigby said: "We are delighted that the placing has received strong backing from institutional investors.
"We are grateful for the support of our existing investor base and welcome new shareholders onboard.
"We have demonstrated our ability to identify, execute and integrate selective acquisitions effectively and these transactions represent a complementary extension of the Group's service offering, in line with our strategy.
"Throughout our engagement with the management team at KCFG and KRD, it has been apparent that we share a desire to continue growing the enlarged group, and they are committed to joining the group, enhancing our proposition and delivering sustainable shareholder returns.
"As we grow our business, sector specialism becomes increasingly important and we consider the sector knowledge that comes with the acquisitions to be highly beneficial to our business going forward."
