Greater Firepower: Personal Injury Firm Acquired by Private Equity
Manchester-based Express Solicitors, the largest dedicated personal injury (PI) law firm in the UK, has sold a majority stake to Ufenau Capital Partners. This acquisition marks Ufenau's first UK investment, known for its buy-and-build strategies in European service companies. The deal aims to provide Express with greater financial strength for future acquisitions.
Company Growth and Financials
Founded in 2000, Express Solicitors has significantly expanded both organically and through acquisitions. Its latest reported turnover approached £89 million, representing a 25% increase from the previous year. The firm currently employs around 830 staff.
Motivations for the Investment
Chief Executive James Maxey explained the firm's decision to seek investment about 18 months ago, with advisory support from Bluebox Corporate Advisory. Discussions with Ufenau spanned a full year and included an extensive due diligence process.
- Succession planning was a key consideration, as Maxey had been the majority owner. Although he intends to stay on for several more years, he recognized the necessity of a plan for the firm’s sustainability beyond his leadership.
- The partnership with Ufenau offers “greater firepower,” enabling Express to pursue larger acquisitions. Previously, acquisitions were limited to firms no more than 20% of Express's size, but now they are positioned to consider significantly larger deals.
“A firm of this size needs a plan where it continues after I’m not here,” said James Maxey.
“We are now better placed to buy a large practice,” he added.
The strategy moving forward is to continue expanding through similar growth and acquisition efforts.
Author's Summary
Express Solicitors’ private equity deal empowers the firm with robust resources to pursue larger acquisitions and ensure long-term sustainability beyond current leadership.