Football: The beautiful legal game
Manchester practice Centrefield has become the latest to accept private equity backing, the second sports law firm to do so this year.
Palatine Private Equity is taking what is believed to be a minority stake, subject to regulatory approval.
Centrefield says its client roster includes most of the Premier League football clubs, EFL clubs and Major League Soccer in the US, as well as other sports businesses, agencies and player/athletes. It is also active in many other sports.
It was founded in 2015 by three former Brabners partners, Edward Canty, David Bentham and Matthew Bennett. It now has 33 staff, including seven partners and has grown fee income 20% year-on-year.
Centrefield is targeting international growth – both organically and via merger and acquisition (M&A) – in the US and key European locations.
Mr Canty said: “After a very successful 10 years in business, the partners decided that if we wanted to maximise Centrefield’s potential to be the leading global specialist sports law firm, we would need an experienced and collaborative strategic investment partner to support us on the next stage of our journey…
“This strategic investment will be transformative for Centrefield allowing us to further invest in technology and in our people, while continuing to broaden our sector specialisms, so that we can enhance the service and value we deliver to our clients.”
Tom Wildig, buyout fund partner at Palatine, added: “Centrefield is an outstanding law firm with a stellar reputation in its sector and amid ever-increasing global interest in sport and a complex and evolving regulatory climate, the potential for further growth is very strong.”
Earlier this year, City firm Northridge – which says that, with 44 lawyers, it has the largest sports law practice in Europe – secured a minority investment from Cordillera Investment Partners.
Northridge has delivered compound annual growth of 16% over the past five years.
Partner Ian Lynam said: “As the sports industry continues to grow and evolve, we see a significant opportunity to be even more ambitious.
“This investment will enable us to accelerate our strategic priorities, broadening and deepening our capabilities, expanding internationally, and continuing to invest in exceptional talent and innovative technology.”
Meanwhile, in M&A news, South-East firm DMH Stallard has added to its presence in Surrey by merging with business law firm GBH Law in Godalming, adding 17 staff, including four directors and eight other fee-earners, to the 400 it already has.
Kate Doody, director at GBH Law, said: “Choosing the right firm with which to merge was key for us. We believe that, in DMH Stallard, we have found a firm with an exceptional reputation, which shares our culture and ethos of excellence in client service, and one which is aligned with GBH Law in its commitment to recruiting and developing the best people.”
Richard Pollins, managing partner at DMH Stallard, said: “We look forward to welcoming the GBH Law team and working together to establish ourselves as the go-to law firm for businesses and individuals in Surrey.”
In Wales, Newport-based Harding Evans has expanded into the Vale of Glamorgan by acquiring Penarth-based Merrils Ede. Founded in 1865, Merrils Ede is a private client practice with six people.
Harding Evans also has an office in Cardiff. Chairman Ken Thomas said: “Following a sustained period of organic growth, the acquisition strengthens our market presence and bolsters our position as a leading regional firm.”