Status:

Current

Commitment:

£30m

Date of investment / realisation:

2024

Sector:

Business Services

“This is an exciting time for FBC, our clients and colleagues. We are delighted to be partnering with Horizon Capital who have a strong track record in supporting companies such as ours to accelerate both organic and acquisitive growth. FBC has grown in recent years thanks to the hard work of our colleagues and the support of our clients, and we look forward to building on that success with this investment and the launch of Adeptio Law Group.”

Neil LloydAdeptio Law Group, CEO

Background

Horizon Capital established Adeptio Law Group to execute a strategy to build a leading national legal services group through the acquisition of regional law firms.

FBC Manby Bowdler (“FBC”) represents the first acquisition and is a highly regarded full service law firm providing commercial, innovative and cost transparent advice to corporates, SMEs and individuals. With a history stretching back over 100 years, FBC has over 200 staff across 6 office locations and is one of the leading full service legal providers in the West Midlands.

Under the leadership of non-lawyer Neil Lloyd, FBC has delivered strong growth organically across all service lines and has made and integrated three acquisitions enabling it to deepen its geographic coverage and expertise.

Adeptio Law Group operates in an attractive and growing market which is highly fragmented, driven by strong tailwinds due to increasing levels of compliance and technology adoption. A significant consolidation opportunity exists and Horizon Capital is keen to support the business in playing a leading role in that consolidation.

Horizon Capital is committing £30m of equity capital to the group and will take a majority stake, supporting Neil Lloyd and the team as they execute an ambitious plan that combines continued organic growth and investment in technology with a number of complementary acquisitions within the Midlands and beyond.

The Journey

Since completion Horizon Capital have appointed Martin Smith as Chairman, Will Douglas as CFO and are working with the team to further invest and build out the infrastructure and capabilities of the Group.

Buy and Build

Horizon Capital had been mapping the legal services market for over two years, forming a deep knowledge of the sector as well as building a strong pipeline of future acquisition targets.

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