Law firm announces double swoop and £20m placing
Law firm Knights, which has offices across the North West, has exchanged contracts to acquire another two law firms – the latest in a string of swoops the growing company has made in recent months.
The firm has agreed to snap up Leeds-based independent Shulmans for a total consideration of £20.1m and Crawley and Maidstone-based commercial law firm ASB Law, which also encompasses ASB Aspire, for up to £8.5m.
The acquisitions, which will see a combined total of 219 fee earners join Knights and give the company platforms for organic growth in Leeds and the South East, are expected to be completed on 17 (ASB) and 24 April (Shulmans).
Knights – which was recently added to the FTSE AIM 50 Index – has also announced a placing to raise gross proceeds of £20m which will be used to fund the acquisitions and associated costs.
The company made history when it launched on the Stock Market and was valued at more than £100m.
On behalf of Knights, Numis has conditionally agreed to place 4,761,905 new ordinary shares of 0.2p each at a price of 420p per ordinary share with existing investors, raising £20 million and representing approximately 6.3 per cent of the company’s existing issued share capital.
Three directors of the company will subscribe for shares in the placing.
Knights CEO David Beech said: “We are delighted to announce the acquisitions of Shulmans and ASB today, marking our entry into two new and important markets with the addition of these quality full service commercial law firms which are both recognised as Top 200 UK Law Firms by revenue.
“With their ambitious teams and progressive approach to law, both firms are a strong cultural fit with Knights and provide an exciting platform for growth in their respective regions, in line with our strategy to build the leading legal and professional services business outside London.”
Tim Halstead, managing partner of Shulmans, said: “We have achieved significant growth in recent years to become a leading independent law firm in the North. Having worked alongside Knights previously, we believe its collegiate approach, range of services and broad client base will provide an excellent match for us to continue to grow as part of the wider group.”
Andrew Clinton, managing partner of ASB, added: “We are delighted to join Knights, which we chose for its close cultural fit including its strong values and innovative and ambitious approach to challenging established norms within the legal sector. I’m very proud of how much we’ve achieved to date and believe that Knights’ scale and ability to invest in our team will enable us to realise our full potential and bring a broader range of services to our large corporate clients.”
