Thu, 26 Jan 2023 | BUSINESS NEWS
Stowe Family Law, a Leeds-headquartered specialist family law firm which is backed by private equity firm Livingbridge, has said it will target further M&A deals in 2023 after completing its first acquisition last year.
The company, which was founded in 1982 and received backing from Livingbridge in 2017, acquired London-based boutique family law firm Chapman Pieri in April 2022 and is now working to identify further complementary acquisitions in 2023.
Stowe Family Law chairman Ken Fowlie commented: "In 2022, the firm completed its first acquisition, joining forces with the boutique London family law firm, Chapman Pieri.”
"Following the successful integration of Chapman Pieri, the firm is working with its key stakeholders and being advised by Springboard Corporate Finance to identify more acquisition opportunities in 2023 with aligned specialist family law firms.”
The company registered solid growth during 2021/22, opening 16 new offices and growing its turnover to £17.5 million from £14.1 million a year earlier, while cutting its post-tax losses to £4.74 million from £5.01 million. During the current financial year, the company has expanded further, opening its 59th office last month.
As well as M&A and organic growth, the company’s expansion has been supported by strong investment in IT, marketing, client care infrastructure and case management.
Ken Fowlie commented: "Over recent years, the firm has grown turnover by more than 25 per cent YoY. That growth has been delivered by gaining share in existing markets and by extending the firm's reach to new towns and cities. Since 2020, the firm has opened in nearly 40 new locations across England and Wales.”
"With the support of our majority owner Livingbridge Private Equity and our lenders Virgin Money, the firm has made significant investments in people, technology, and digital marketing, each of which supports the firm's growth and performance."
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