The new month has brought a flurry of merger deals involving a trio of different deals – and all financed by private equity investment.
North west firm Fletchers Solicitors today announced the acquisition of specialist brand Cycle SOS and the personal injury book of Burnley firm Smith Jones. The Cycle SOS team will move across to Fletchers, with founder Paul Darlington joining the Fletchers’ dedicated cycling practice.
It is the first Fletchers acquisition since the firm was bought by US private equity firm Sun Capital last October, a move aimed at funding growth of the personal injury and medical negligence practices.
Peter Haden, chief executive of Fletchers, said: ‘Cycle SOS is a brilliant fit for Fletchers given our long heritage championing the rights of vulnerable road users and representing clients who have been injured on the road. It’s a good example of the type of the acquisitions we’re keen to make, as it brings additional capability, a valuable set of assets, and a new route to market. It’s also a great business in its own right, and we’re very grateful to the team at Smith Jones who have invested in the brand over many years.’
The deal is expected to complete in May. Fletchers was assisted in the acquisition by Zebra LC, DSW Capital and Addleshaw Goddard LLP.
Meanwhile, another firm bought last year by a private equity outfit, the Essex-based Fisher Jones Greenwood, has made its first acquisition. FJG, which is majority owned by the London-headquartered Blixt Group announced today it had completed the purchase of Steed and Steed, a firm with offices in Braintree and Sudbury which traces its history back more than 150 years.
The deal will expand FJG’s services in family law, conveyancing, private client and dispute resolution, taking the firm to more than 200 lawyers across nine offices. The firm, led by chief executive Tony Fisher and chief operating officer Paula Cameron, said more acquisitions will follow.
Finally, Stowe Family Law, bought in a deal worth £10m by equity investor Livingbridge back in 2017, has acquired London rival Chapman Pieri to increase its presence in the capital and wider south east region.
Stowe chairman Ken Fowlie said: ‘This first acquisition by Stowe will enable us to help more families than ever before. It is a positive step in Stowe’s journey.’
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