American investor invests £7m in law firm
Private equity firm Cartesian Captial has invested £7m in shares in law firm DWF.
The New York-based investor has taken an additional 3%, increasing its stake to 4.46%.
Peter Yu, managing partner of Cartesian Capital Group, said: “Having closely reviewed DWF’s strategy and operations, we concluded that DWF’s world-class, worldwide team are creating great value for their clients – and for their stakeholders.
“From their client-focused Managed Services to their innovative and efficient Connected Services offerings, DWF truly represents the future of integrated legal services.”
DWF raised £95m when it went public in March 2019 with an IPO priced at 122p per share.
A steady first year saw its price edge up to 143p before the impact of Covid-19 sent its share price tumbling to a 45p low in July. Last night it closed at 71p, valuing the business at £230m.
DWF chief executive Sir Nigel Knowles added: “We have a longstanding relationship with Cartesian and we are delighted to welcome them to our group of major shareholders.
“It is pleasing to see the progress we have made – and the future potential in our business – being recognised with a significant new shareholder coming on-board.”