Knights secures financing from Permira Debt Managers funds
Knights has secured financing from Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira. The financing is provided by Permira Credit Solutions II, the firm's direct lending fund which is well known for its financings of other successful businesses such as Paperchase, CLEAN Linen and most recently I@D.
Knights unique business model providing high quality services from regional centres has allowed it to grow rapidly to 500 staff operating from six regional offices in Newcastle-under-Lyme, Chester, Cheltenham, Derby, Hale and Oxford.
“We selected PDM as our finance partner as they understood our vision for what we plan to achieve in the UK professional services sector. The investment has allowed us to achieve significant capital support without any change of ownership, management structure or impacting our team culture and ethos,” said David Beech, CEO of Knights.
Knights became the first UK commercial law firm to be granted an ABS licence and attract private equity investment.
Thomas Kyriakoudis, Chief Investment Officer at PDM, said: “Knights exemplifies the type of successful business PDM backs and we are delighted to become a finance partner to support the management team in their future growth and strategy.”
David added: “This deal highlights Knights’ appetite for continued growth within the professional services sector and builds on the strong foundations that have been achieved in the last five years. “
“2016 has been another exciting year for Knights, operating from two additional regional locations, offering more non-legal services (including corporate finance) with 250 additional professionals. We are delighted to be accelerating our growth with PDM.”
Knights is on a trajectory to become the number one regional professional services business in the UK and is already the fastest-growing commercial law firm in the UK.