Duke Street acquires 50% stake in Parabis
Private equity firm Duke Street has acquired a 50% stake in legal services business the Parabis Group, which provides personal injury litigation under the names of Plexus Law and Cogent Law.
The deal, which is subject to approval by the Solicitors Regulation Authority and will require an alternative business structure licence, values Parabis at between £150m and £200m. It will make Parabis the first law firm to be owned by private equity.
Duke Street partner Iain Kennedy said: “The attractions of Parabis are clear: a market leader with an unrivalled track record of revenue and profit growth, a differentiated business model, and the best management team in the industry.”
Last month, Aim-listed Quindell Group acquired Liverpool personal injury firm Silverbeck Rymer, while Australian firm Slater & Gordon announced last week it is to purchase Russell Jones & Walker.
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