Keystone Law sells £3.15m stake to private equity house
Dispersed firm Keystone Law has received a £3.15m cash injection from private equity house Root Capital in return for a 35 per cent stake in the firm’s shares.
Root was founded by investor Simon Phillips in 2003. The funds are provided by Phillips, fellow Root founder Mike Danson and an institutional investor.
Phillips will hold a seat on Keystone’s board alongside managing partner James Knight, directors Will Robins and Mark Machray and financial director Maurice Tunney.
The investment is partially an exit strategy for Keystone’s founding partner Charles Stringer, who is retiring as IT and finance director and moving in to a non-executive position, retaining a small equity interest.
The rest of the capital will be invested in expanding the firm’s infrastructure, office and marketing activities.
According to Root’s website, the firm makes equity investments of between £0.5m and £6m in companies with revenues of between £1m and £50m.
Root specialises in turnarounds for distressed businesses under £10m turnover, fragmented sectors in which there is potential to buy up several related companies, and enterprises that fail to meet normal investment criteria and are seeking less than £3m.
Source: thelawyer- Keystone Law sells £3.15m stake to private equity house
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