Higgs: M&A ambitions
Black Country-based Higgs has become the latest law firm to take private equity funding after striking a deal with August Equity – which first expressed an interest in the legal market 13 years ago.
Higgs, whose offices are in Dudley, has 28 partners and more than 250 employees working across a broad commercial and private client practice.
Its most recent accounts, for the year to 30 November 2023, show turnover up 2% to £20m, with profit before members’ remuneration and profit shares up 9% to £6.8m.
Higgs said it would use the investment to develop and recruit staff, and pursue merger and acquisition opportunities.
In April 2024, Higgs acquired two-lawyer insolvency and restructuring firm Lewis Onions and this June took over another local two-lawyer firm, MR Timms & Co.
August Equity focuses on services, software and technology businesses, with current investments including Family First Nurseries and MediVet.
It is the latest private equity business to move into law after exiting an accountancy firm – it sold its stake in top-25 firm AAB last month, after AAB more than tripled in size to revenue of over £100m and over 1,000 employees in the four years August was involved.
But we first reported August Equity’s interest in investing in the legal market more than 13 years ago [1].
Higgs managing partner Nick Taylor said: “August’s backing enables us to expand our services, add resources, embrace innovation, and enter new regions in a rapidly changing legal market – all the while remaining dedicated to delivering legal excellence for our clients.
“With August’s support, we will build on our long-standing reputation, invest in our people, and sustain the core values that have defined our firm’s success for 150 years.”
In a statement, Kishan Chotai and Katie Beckingham, who led the transaction for August, added: “We have invested significant time identifying the right platform in the legal space to invest in and have been consistently impressed by the Higgs team and their ambition for the business.
“We are looking forward to succeeding together through this exciting upcoming period of growth and consolidation in the market.”