Supporting acquisition of longstanding solicitors by MAPD
Case study from Armstrong Watson
Andy Poole and his team supported Bromleys by arranging and securing an acquisition of the business by the MAPD Group, a Wirral-based firm focused on building a group of successful law firms across the country and aiming to make a positive difference.
Background
Award-winning Bromleys Solicitors LLP has been located in Ashton-under-Lyne, near Manchester, for more than 180 years. Its 58-strong team serves commercial and individual clients across Tameside, Greater Manchester and beyond. The firm boasts the largest childcare team on one site in Greater Manchester and is particularly well known for its Court of Protection work. Led by Managing Partner, Paul Westwell, the firm wanted to choose the right partner to help realise its potential and accelerate growth plans, while supporting existing and new clients.
How we helped
The team explored the legal sector market, suggesting potentially suitable firms before making introductions and working with our client to broker an EBITDA multiple-based deal.
Andy and the team assisted with the due diligence process, the regulatory changes and the structure of the deal, then advised and negotiated on the commercial aspects of the members’ interest purchase agreement. Working closely with the partners’ other professional advisers, the Armstrong Watson team then project-managed the deal to completion.
Our key input included negotiating quite complex facets of the cash-free debt-free aspects of the deal and ensuring a tax-efficient extraction of consideration.
Results
Bromleys is now part of a group of firms under the MAPD umbrella. It will continue in its current structure but with the support of a partner who will enable it to grow.
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