Law firm Plexus sold in MBO
PROFESSIONAL services organisation Parabis has sold its legal arm Plexus to its founders in a management buyout deal.
The move follows the end of talks with Keoghs, which like Plexus focuses on defendant insurance work, and has a private equity backer.
In a statement released to The Lawyer a Parabis spokesperson said: “We can confirm that the Parabis Group has been in negotiations for the defendant and consumer law firms with a consortium of private individuals, led Andrew McDougall and Tim Roberts, who represent the group’s original founders.
“Having considered and assessed both the founders and Keoghs’ bids the Parabis Board, with the support of the group’s key stakeholders, have entered into exclusivity with the founders.”
The deal will secure the future of Plexus’ staff based at City Tower in Manchester city centre.
