Fast-growing national outfit HF has sold a substantial minority stake to a private equity investor as it eyes further law firm acquisitions.
CBPE’s 30% holding will provide capital to ‘establish [HF] as the leading technology-driven legal services provider to insurance companies and corporates’, the law firm said today. The value of the deal was not disclosed.
In 2021 Manchester-headquartered Horwich Farrelly converted from a partnership to limited company to pave the way for an all-employee share scheme. Rebranded HF, the firm has since grown organically as well as through lateral hires and acquisitions. A £12m banking facility to fund growth was agreed with NatWest last Spring.
Ronan McCann, CEO and managing partner, said today: ‘Our continued growth over the past few years has naturally attracted interest from outside investors. However, it was always crucial for us to work with an organisation whose values and culture align with ours, making CBPE the perfect partner.’
CBPE, previously known as Close Brothers Private Equity, is an investment firm specialising in the UK mid-market. CBPE partners Richard Thompson and Naveen Passi commented: “HF is an outstanding business led by a very strong management team. Under Ronan’s leadership, the business has built a client-centric growth focused culture. HF is differentiated through its ability to combine highly technical “lawyer-led” services and trusted advice with a technology-led approach to higher-volume work. We are backing the business to continue its strong organic growth, further investment in technology and targeted M&A to expand its service offering.’
In calendar 2023 Horwich Farrelly Ltd posted a pre-tax profit of £4.1m on turnover of £51.5m, up from £2.3m and £44m in the previous year.
HF has 11 offices in the UK and Ireland.
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