05 Aug 2021

Private equity firm makes first UK law firm acquisition

Blixt snaps up 23-partner regional practice as it sets out to build £100m national player

Colchester, Essex

Colchester veesaw; Shutterstock

London-based private equity firm Blixt Group has invested in regional UK firm Fisher Jones Greenwood (FJG) as the investment house seeks to build a leading national law firm.

Colchester-based FJG, which has 23 partners, said partnering with Blixt will ensure it remains resilient in the wake of the Covid-19 crisis, giving it sufficient capital, human resources and tech support to achieve further growth. 

It said Blixt will use the investment as a springboard for further acquisitions over the next three to four years to support its vision for a national firm. The expanded firm will focus on serving the private client community, as well as providing services to small and medium-sized companies.

Founded last year, Blixt targets small business across Europe with a revenue range of €20-200m and has access to more than €250m of committed institutional investor funding.

CEO Carl Harring said: “We were immediately impressed by the quality of the firm and its commitment to innovation and progress alongside excellent client service. We are looking forward to help build a strong national group supported by best-in-class technology and process flow.”

Tony Fisher, senior partner at FJG, added: “This is a fantastic opportunity for the firm to continue its growth path and provide opportunities to other firms to be part of a national network.” 

All of the firm’s existing partners will maintain their roles following Blixt’s investment, though Fisher will become chief executive officer and managing partner Paula Fowler will become chief operations officer.

According to Legal Futures, the target is for FJG, which has revenues of £7.3m, to be the first building block for a national practice generating at leat £100m within five years.

Blixt is the latest of several outfits looking to knit together national firms across different market segments.

AIM-listed Knights, which recently posted revenue of £74m for its 2019/20 financial, is looking to break through the £100m revenue landmark thanks to ‘an attractive acquisition pipeline’.