Australia’s Slater & Gordon nets Fentons for £32.5m
FENTONS Solicitors, which has offices in Manchester, Failsworth and in London, is to be acquired by Australian consolidator Slater & Gordon for £32.5m.
The specialist claimant personal injury practice, whose 185-strong Manchester base is at 55 Princess Street, said it was the “unanimous view” of its equity partners to merge with Slater & Gordon, which has already acquired Russell Jones & Walker, and several other UK firms.
The purchaser is paying upfront cash of £24.25m for Fentons, together with equity of £4m and deferred conditional cash of £4.25m over two years,
Local advisers on the transaction included corporate finance teams from law firm Pinsent Masons and Baker Tilly in Manchester.
Fentons senior partner Kieran Maguire said the combination with Slater & Gordon was a “historic day”.
He added: “At a time when government reforms are putting greater pressure on claimants and their lawyers, we feel by combining our talents, we will be able to better serve our clients and advance their interests.”
Slater & Gordon Head of UK Neil Kinsella said the acquisition of Fentons, one of the largest PI firms in the country, would add around 280 staff and revenues of £27.7m to its UK business.
Mr Kinsella said: “The planned acquisition will help cement Slater & Gordon’s ambition to be one of the UK’s leading consumer law firms and it is a big part of a continued growth strategy.
“We believe Fentons is an ideal partner to move forward with our plans for strategic growth and to boost our presence in the UK. Both firms are focused on delivering high quality, affordable legal services to every day people.
“This is an exciting time for Slater & Gordon as we move towards being able to bring our legal services and expertise to more people. The expansion of our personal injury team will significantly increase the number of people that we are able to help secure compensation for their injuries and help them get back on their feet.”
Completion is expected in October.
Last week Slater & Gordon snapped up the personal injury practice of Cambridge firm Taylor Vinters.
Corporate partner Gregg Davison led the Pinsent Masons’ team, assisted by legal director Anna Whetham, senior associate Sarah Flinn and assistant solicitor Emily Mort. Partner Rachel Pitman and assistant solicitor Alexandra Patrick advised in relation to property matters.
Geoff Wightwick led the Manchester-based Baker Tilly corporate finance team assisted by James Wild, while Gary Carrington and Malcolm Cook provided specialist legal practice and tax advice.
