Greater Manchester firm Keoghs is in talks with private equity firm Bowmark Capital about taking external investment.
According to the Manchester Evening News, insurance specialists Keoghs entered into exclusive talks with Bowmark after seeking advice from Deloitte regarding external investment last month.
Bowmark reportedly beat off competition from several rivals who also wanted to invest in Keoghs.
Keoghs pulled in £41m in turnover in 2010-11, with an average profit per equity partner of around £420,000, according to estimates in The Lawyer UK200. The firm has around 47 partners, 16 of whom are in the equity.
More than 120 organisations have applied to the Solicitors Regulation Authority (SRA) for a licence to practise as an alternative business structure (ABS) (17 February 2012), since the SRA began accepting applications on 3 January.
Earlier this month it emerged that insurance claims firm Parabis Group was set to receive a cash injection from Duke Street (6 February 2012), while Russell Jones & Walker announced that it is to be acquired by listed Australian firm Slater & Gordon (30 January 2012).
Liverpool’s Silverbeck Rymer was first firm to announce a takeover by a listed company – Quindell Portfolio agreed to pay £20m for the firm in late January (24 January 2012).