High street franchise QualitySolicitors has secured a private equity investment aimed at significantly growing the brand across the UK.
The size of the investment by private equity partnership Palamon Capital Partners, which has €1.1bn (£960m) under management, is not known.
The agreement will see Palamon gain a majority shareholding in the company, although it will not have a stake in the law firms that are franchise members.
Palamon investments are typically in the region of €10 to €80m (£8.7m to £70m), according to the Law Society Gazette.
QualitySolicitors was launched as an online legal alliance in 2008, but has since evolved into a high street legal alliance. For an annual fee firms sit on a panel that allows them to pool resources to market services.
The alliance is the brainchild of barrister Craig Holt and was launched with the support of Michael Gradon, a former Slaughter and May solicitor and one-time head of legal and commercial at P&O Group.
Earlier this year The Lawyer reported that QualitySolicitors had struck a deal with WHSmith to allow it to place representatives in up to 500 of the retailer’s branches (7 April 2011).