Private equity house Duke Street has acquired a majority stake in the Parabis Group, the parent company of insurance litigation law firms Plexus Law and Cogent Law.
The deal, agreed in December, values Parabis at between £150m and £200m and is subject to approval from the Solicitors Regulation Authority (SRA), which is expected later this month. Under the terms of the deal all assets will be transferred into a new holding company, which will operate as an Alternative Business Structure (ABS) providing both legal and non-legal services.
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