A North West-based consumer law firm employing 500 people has been acquired.
Southport-headquartered Fletchers Solicitors, which also has an office in Manchester, been acquired by an affiliate of Sun European Partners, LLP for an undisclosed deal.
London-based private equity firm Sun European Partners focuses on "defensible businesses in growing markets with tangible performance improvement opportunities".
READ MORE: Cashplus Bank to create 150 North West jobs as region chosen for business development pilot
The announcement comes off the back of a record year for Fletchers, with revenue increasing 40% and profit before tax increasing 39%.
Fletchers said the performance through a period of global adversity is "testament to the resilience of the company".
Rob Fletcher, founder of Fletchers, said: “Fletchers has been my life for the past 34 years. I am so proud of what we have achieved in that time and so proud of the people who have been part of that achievement.
"There comes a time, however, when things have to move on and I feel that now is the right time for me to pass the baton on to the next generation.
"I believe that our management team, backed by Sun, have the ability to take the business to the next level and I will be just as proud watching the future development of Fletchers from the sidelines.”
Led by corporate partner Keith Melling, Napthens provided corporate legal advice to Fletchers Solicitors’ management team on the transaction.
Alexander Wyndham, vice president at Sun European Partners, said: “Fletchers is a well-known and well-regarded brand that has consistently taken market share.
"We are excited to partner with the firm and accelerate its substantial historic growth through investment in technology as well as undertaking a buy and build in the legal services space.”
