12 Nov 2012 | 01:35 pm |
International law firm Pinsent Masons has advised Lloyds TSB Development Capital (LDC) on the purchase of a stake in law firm Keoghs.
Keoghs has agreed to sell 22.5% stake in the firm to private equity investor LDC. The deal, which completed on November 9, follows the approval of its application to the Solicitors Regulatory Authority (SRA) to become an Alternative Business Structure (ABS), which enables legal services firms to accept external shareholders. This deal follows hot on the heels of investments by James Khan's Hamilton Bradshaw and by Duke Street Capital in Knights LLP and Parabis Group respectively and represents a significant transaction in this quickly developing sector.
Keoghs, an insurance claims specialist with 1,200 staff based in Manchester and Coventry, said the involvement of LDC would enable it to continue investing in its people, processes and technology infrastructure while providing capital for potential strategic acquisitions to add complementary services and scale to its operation.
The Pinsent Masons team advising on the deal was led by Gregg Davison, assisted by Andy Phillips, Sarah Flinn and Amie Norris from the firm's Manchester Corporate team.
Commenting on the deal Gregg Davison, Corporate Partner at Pinsent Masons said: "We were extremely pleased to help LDC with this novel and market leading transaction. Working with LDC, Keoghs and the other advisers to fit a private equity structure into a transaction with a law firm provided unique challenges and required new solutions to be found to deal with the developing regulatory environment."
Multinational law firm Pinsent Masons has advised two subsidiaries of Arch Re – Southern Rock Insurance Company Limited (Southern Rock) and Alwyn Insurance Company Limited (Alwyn) – on the successful completion of an insurance business transfer under Part VII of the Financial Services and Markets Act 2000.
Multinational law firm Pinsent Masons has advised Southeast Asia-based clean energy developer Alba Renewables on its acquisition by a leading global investment firm.
Multinational law firm Pinsent Masons has advised the Aviva Group on the successful High Court-sanctioned transfer of the entire insurance business of Aviva Protection UK Limited (formerly AIG Life) to Aviva Life & Pensions UK Limited, under a Part VII insurance business transfer scheme.
Multinational law firm Pinsent Masons has advised Southeast Asia-based clean energy developer Alba Renewables on its acquisition by a leading global investment firm.
Multinational law firm Pinsent Masons has advised Great British Energy (“GBE”), the National Wealth Fund (“NWF”) and the Scottish National Investment Bank (“SNIB”) on their acquisition of a stake in Pentland Offshore Wind Farm from Copenhagen Infrastructure Partners (“CIP”) and agreed to provide an aggregate investment of up to £150,000,000 in the project.
Multinational law firm Pinsent Masons has advised Swiss-based Ufenau Capital Partners on its investment in Express Solicitors, a fast-growing UK personal injury law firm.
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