Tue, 04 Mar 2025 | BUSINESS SALE
Newcastle-under-Lyme law firm Knights has sealed its largest acquisition to date with South East based firm IBB Law.
Knights with over 1,400 staff has now made 22 acquisitions since its IPO in 2018. As part of this most recent deal 140 fee earners from IBB will join the group, boosting Knights’ presence in the South East with its four locations in Uxbridge, Beaconsfield, Reading and Ascot. With its strengths in corporate, real estate, and private wealth, IBB will bring specialisations such as franchising.
Knights is set to review IBB’s legal aid funded crime business following completion, which accounts for around 10 per cent of revenues.
Under the terms of the deal, Knights will acquire IBB from its twenty-nine equity partners for a total consideration of £30 million. An initial cash consideration of £21 million will be paid, followed by £9 million, which will be paid in three equal instalments on each of the first, second, and third anniversaries following completion, subject to certain conditions being met. Completion is expected to take place on 4 April this year.
Knights said it was attracted by proximity to areas of inward investment, major corporate clusters, affluent communities and existing offices in Oxford, Weybridge and Newbury. Profit margins for IBB are currently around 6% and Knights said it expects this to rise to 26% following the acquisition.
David Beech, CEO of Knights said: “We are delighted to welcome the high-quality IBB team to Knights, significantly increasing our scale in the attractive South East region. IBB’s premium service offerings in corporate, real estate and private wealth are an excellent fit, and their culture and operational model are very aligned to Knights. We are confident that the acquisition will provide a strong platform for organic growth in the region.”
Joanna DeBiase, managing partner of IBB commented: “We are excited about joining Knights at a time of structural change in our industry, where being part of a business of scale with a premium, national reputation is ever more important for all of our stakeholders – allowing us to provide broader services to our clients, strong career opportunities for our people, and to capitalise on our momentum, with the benefit of strong central support."
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