The march of stock-exchange listed firms across the legal services sector continued today with the announcement of the acquisition of specialist international firm Memery Crystal LLP. Under a £30m deal, the firm becomes part of Alternative Investment Market-listed RBG Holdings plc, the parent company of City firm Rosenblatt Limited.
London-based Memery Crystal has 29 partners who will receive a combination of cash and RBG shares for their stake in the London-based firm.
In a statement, RBG said both businesses will retain their own brand identities and separate offices. Memery Crystal’s current managing partner Nick Davis will continue in the role.
Dispute resolution specialist Rosenblatt was the fourth law firm to list on the London stock exchange in its own right, in 2018. Nicola Foulston, chief executive of RBG Holdings, said: ’Memery Crystal is an excellent addition to the group both culturally and operationally. Both businesses are entrepreneurial in nature. The firm is a strong operational fit with our existing legal business, RBL, providing a stronger corporate, commercial, and real estate offering than we have currently.
’Together, our legal services division will have a full-service offering across different sectors and legal disciplines. Both businesses are in great shape, having performed strongly in 2020, demonstrating the resilience of their respective business models and the value clients place on the quality of the service they receive. We see opportunities to grow both firms.’
In another announcement, RBG Holdings reported a marginal rise in pre-tax profits to £7.7m on revenue up 8% to £25.6m for the 12 months ending 31 December 2020.
RBG Holdings shares rose 10.8% to 132.9p in early trading today.