Knights strikes £30m deal to boost South East presence
Knights has made its largest merger to date with a £30m deal for South East firm IBB Law.
The Newcastle-under-Lyme headquartered firm has grown significantly in recent years and now has more than 1,400 staff. This latest deal with IBB takes the number of acquisitions since Knights’ IPO in 2018 to 22.
140 fee earners from IBB will join the group, boosting Knights’ presence in the South East with IBB’s four locations in Uxbridge, Beaconsfield, Reading and Ascot. With its strengths in corporate, real estate, and private wealth, IBB will bring specialisations such as franchising.
Knights is set to review IBB’s legal aid funded crime business following completion, which accounts for around 10% of revenues.
Under the terms of the deal, Knights will acquire IBB from its twenty-nine equity partners for a total consideration of £30m. An initial cash consideration of £21m will be paid, followed by £9m, which will be paid in three equal installments on each of the first, second, and third anniversaries following completion, subject to certain conditions being met.
Completion is expected to take place on 4 April 2025.
David Beech, CEO of Knights said: “We are delighted to welcome the high-quality IBB team to Knights, significantly increasing our scale in the attractive South East region. IBB’s premium service offerings in corporate, real estate and private wealth are an excellent fit, and their culture and operational model are very aligned to Knights. We are confident that the acquisition will provide a strong platform for organic growth in the region.”
Joanna DeBiase, managing partner of IBB commented: “We are excited about joining Knights at a time of structural change in our industry, where being part of a business of scale with a premium, national reputation is ever more important for all of our stakeholders – allowing us to provide broader services to our clients, strong career opportunities for our people, and to capitalise on our momentum, with the benefit of strong central support.
“We look forward to working closely with the team to unlock the significant market opportunities in the South East as part of the larger group.”
