A commercial law firm has secured new private equity funding.
Birmingham-based Harper James has struck a deal with LDC to support its acquisition plans and other investment in the business aimed at broadening its range of services.
The practice, which has seven other º£½ÇÊÓƵ offices alongside its city centre HQ, works with SMEs across the º£½ÇÊÓƵ through a subscription model that can be scaled according to a client's needs. It launched in 2014 and now has more than 140 staff.
LDC, which is the private equity arm of Lloyds Banking Group, is backing the firm's management team led by founder and chief executive Toby Harper.
Terms of the investment were not disclosed.
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Mr Harper said: "This partnership with LDC is a major milestone in our mission to make expert legal advice more accessible and affordable for ambitious businesses.
"Much like the clients we support in their journeys, we believe in doing things differently and we're excited to partner with them on the next phase of our growth journey."
The investment was led by LDC's West Midlands team, including partner and head of the region Chris Handy, alongside investment directors Karen Mann and Matt Newbold.
Following the transaction, Mr Handy and Ms Mann will join Harper James' board as non-executive directors alongside Steve Weller as non-executive chairman.
Mr Weller brings board-level experience of working with other private equity-backed businesses, including The Barrister Group.
Mr Handy added: "Today's technology-enabled SMEs want greater flexibility and the option to work with advisers in a way that reflects how they do business.
"Harper James' innovative model, people-first culture and commitment to delivering flexible, high-quality legal services make it a standout firm in a fast-evolving market.
"We're looking forward to supporting Toby and his team as they continue to disrupt the traditional legal sector and pursue the firm's ambitious growth strategy."
The transaction is subject to approval by the Solicitors Regulation Authority.
Senior debt facilities were provided by Investec and advisers on the deal were Claritas, Clearwater, Coppett Hill, Eversheds Sutherland, Freeths, KMPG and Springboard.
