UK mid-market firm Livingbridge has struck its first investment in the legal sector, acquiring Stowe Family Law, the largest family law firm in the UK.
The deal value was not disclosed but a spokesman for the firm said the acquisition was debt-free and valued at more than £10 million ($12.5 million; €11.8 million).
Livingbridge says the investment will be used to fuel the growth of the firm by building a larger national footprint and opening up to 30 additional offices over the next five years.
“Stowe Family Law is a great success story. Under (founder) Marilyn Stowe’s ownership it has become the largest specialist family law firm in the UK, consistently delivering outstanding service and outcomes for its clients. Livingbridge is delighted to have the opportunity to invest in SFL and work with the team. The business is in fantastic shape with a talented team of leaders, solicitors and staff who are at the top of their game,” Daniel Smith, a partner at Livingbridge said in a statement.
The spokesman said the deal is the second “significant” investment, not including bolt-ons, from the firm’s sixth fund which closed on £660 million in September last year. In December the firm acquired catering group rhubarb from fellow UK mid-market house ECI Partners in a £75 million deal
Livingbridge is also investing its Enterprise 2 fund, a £220 million vehicle that invests up to £10 million in fast growth small and medium sized enterprises in the UK.