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Phoenix invests in Setfords Law; BGF exits

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Phoenix Equity Partners has acquired a majority investment in Setfords Law, a UK-based legal network, in a deal that will see minority shareholder BGF sell its stake in the business.

During the investment period, BGF increased the company's network of solicitors from 140 to 300, the GP said in a statement. The firm also invested in areas including case management technology, and grew its presence in London.

Phoenix now intends to invest in Setfords' technology platform, with the aim of broadening the services that the company can offer its consultants and their clients.

Phoenix is currently investing via Phoenix Equity Partners 2016, which held a final close in July 2017 on £415m. The fund invests in UK-based SMEs with enterprise values of £30-150m.

Previous funding
BGF invested £3.75m in Setfords in December 2016, acquiring a minority stake. BGF investor Ben Kirby - who now longer works for the business - also took a seat on the company's board,. At the time, the company posted revenues of £8m.

Company
Founded in 2006 by Chris Setford and Guy Setford, Setfords Law operates via a consultancy network that connects individual lawyers under its brand to offer a range of services to both lawyers and their clients. Its network now comprises 300 lawyers, who operate as independent consultants. The firm is headquartered in Guilford and has an office in London.

The company has recorded 50% compound annual revenue growth over the past 11 years, according to a statement. It generated revenues of almost £13.5m in 2019, compared with £10.7m in 2018, according to its latest financial records.

People
Setfords Law – Chris Setford, Guy Setford (co-CEOs).
Phoenix Equity Partners – Will Skinner (partner).
BGF – Matt Singh, Rahul Satsangi (investors).

Advisers
Equity – KPMG (corporate finance); LEK (commercial due diligence); EY (financial due diligence); Addleshaw Goddard (legal).
Company – Zenzic Capital (corporate finance); Liberty Corporate Finance (corporate finance); Blick Rothenberg (tax); PDT (legal).
Vendor – Pinsent Masons (legal).


Correction (04/03/2021): this article was amended to remove a mention of BGF originally investing via its BGF Ventures fund.

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