Manchester law group targets acquisitions with private equity cash

A Manchester-based legal business says it wants to target acquisitions after securing funding from a European private equity house.

Waterland Private Equity has announced an undisclosed investment into Beyond Law Group, which includes the brands Beyond Corporate, McAlister Family Law and Home Property Law.

Beyond Law describes itself as a disruptor to the traditional legal industry and an alternative to ‘big firm’ law, achieved through building and growing specialist legal practices under one umbrella.

It now employs more than 100 people at offices in Manchester, London and Cheshire, but the cash injection will fund further growth, including acquisitions.

The group said this week it wants to ‘expand its niche practice portfolio and further develop its existing practices in primary locations across the UK having an identified a pipeline of new partner hires, team lifts and strategic acquisitions which will not only strengthen existing services but will add new specialist capabilities’.

Steve Smith, former chief finance officer with telecoms provider Daisy Group, has joined the Beyond Law board with the specific task of bringing acquisition capabilities in-house.

Matt Fleetwood, Beyond Law Group’s founder and chief executive, said: ‘In Waterland we have found an experienced and supportive partner to help us achieve our growth ambitions. We see strong potential to expand nationally, particularly in London, and Waterland’s experience as a specialist buy and build investor will help us to deliver our ambitious acquisition strategy, finding high-quality businesses to partner with and integrate into our growing network.’

Following the investment, Fleetwood will continue to lead the business, supported by Amanda McAlister and James Corlett. The firm has not said what stake Waterland has taken, but Companies House records show that Fleetwood ceased to have significant control of the business last month.

Beyond Law's accounts for the year ended 31 March 2023 record that the business reported turnover of £10.5m and profit before tax of £3.25m.

Waterland has invested in more than 1,000 companies across 150 sectors across Europe since it was founded in 1999. This appears to be its first foray into the legal sector: its previous three investments were in an accounting and advisory firm, an IT platform and a design consultancy.

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