The private equity house looking to building a £100m group over the coming years is set to spend nearly £18m on its most recent acquisition, Lancashire law firm Farleys, it has emerged.
According to the annual accounts of Lawfront Holdings Ltd, Blixt’s legal business, this is split into an £11.4m upfront payment and contingent consideration of up to £6.3m.
Farleys’ most recent accounts, for the year to 31 March 2022, showed income up 17% to £12.2m, with profits of £6.2m to share between the partners.
The deal, which was announced last October, saw Farleys continue to operate under its own brand from six offices in the North-West. It has a broad private client and commercial practice, with 15 partners among 150 staff.
Blixt entered the legal market is summer 2021 by acquiring Essex law firm Fisher Jones Greenwood (FJG) and the Lawfront accounts indicate that it paid £2.9m in cash plus £1.2m in deferred consideration.
Lawfront says it is looking to build “a leading national law firm through partnering with high quality, likeminded firms concentrating on private clients and services to small and medium-sized businesses”.
It supports firms to develop their businesses “through investing capital and resources in central services, systems and, most importantly, people and culture”.
Blixt showed its willingness to support its firms last year when FJG acquired Essex and Suffolk firm Steed & Steed.
At the time, FJG managing partner Paula Cameron explained that Blixt aimed to create six or seven more regional “hubs” across England and Wales.
Lawfront’s chief executive is Neil Lloyd, who recently joined from a consolidator in the dentist market and was previously chief executive of logistics business Yodel.
Its ultimate parent company is Blixt Fund I LP, based in the Cayman Islands and the ultimate controlling party is Blixt boss Carl Harring.