Keoghs are being advised by DLA Piper and Pinsent Masons as they sell a 22.5% stake in their firm to private equity house LDC. The Solicitors Regulation Authority (SRA) has approved their application to convert to an Alternative Business Structure (ABS).
The investment is due to be formally completed on the 9th November and LDC will then have a minority stake in Keoghs solicitors in Bolton. LDC went to Pinsents for advice and the law firm sought advice from Jonathan Watkins from DLA’s Manchester office.
Keoghs solicitors specialise in defendant insurance work and hope that the new investment will accelerate its expansion. They plan to invest in people and technology and could potentially make acquisitions which will increase its size and widen its services
The firm process around 40,000 claims a year on behalf of insurers, public sector bodies and corporates. They currently employ 1,200 people in offices in Bolton and Coventry and specialise in personal injury, motor and fraud claims.
Keoghs chief executive John Whittle said: “This is an important stage in our development. Securing the support of a long-term investor like LDC enables us to accelerate our growth strategy and invest significantly for the benefit of our clients, ensuring we’re able to meet the sector’s complex, evolving requirements and improve outcomes.”
LDC own or are investors in over 60 UK businesses with a total value of more than £2bn.
Managing director Mark Savill said: “Having gone through and learnt from the ABS process, it puts us in a good position – we know what the process involves. We can help advice on the creation of ABS as part of the relationship.”