Case Study: Legal team supports acquisition of longstanding solicitors by MAPD
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
Legal Sector Partner 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.
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.
Paul Westwell, Managing Director at Bromleys, said: “I started and have developed my career at Bromleys and make no secret of the fact that it plays a massive part in my life. That’s why it was so important to choose the right partner to help us unleash the potential that Bromleys has. That partner is MAPD. We are now part of a group that shares our values and ambitions for the future. This is an exciting time for our staff and offers us the opportunity to grow together whilst supporting our existing and new clients.”
In a thank you to Armstrong Watson, he added: “Your professionalism and determination really made a difference. We were very pleased that we had you on our side of the transaction as your approach, knowledge and organisation was exemplary.”
Andy Poole said: “I’m thrilled to reach completion on a complex deal that took some time to get right, particularly due to the differing aspirations of our clients, with some seeking to continue in the combined business for a long time, and some looking for the deal to facilitate retirement. Getting it right for all involved was tricky but we managed to ensure the right deal in the end.”
Mark Hirst, the retiring partner at Bromleys, said: “Andy and his team structured this deal to enable me to transition my duties to others in a move towards my retirement. Andy found the perfect partner for us in MAPD who are clearly committed to supporting the firm in its existing structure, and providing expertise to help the firm grow, while maintaining its own identity and brand, which is very well known within Tameside and Greater Manchester.
“Andy had taken the time to really get under the skin of our firm and understand how we operate, which proved enormously helpful in getting the deal over the line. Throughout the process, he displayed a real in-depth understanding of how law firms operate. Thanks to Andy for all of his help, effort and assistance.”
