Shine Corporate Ltd (the Company) has announced the expansion of its family law practice through the acquisition of a majority interest in Carr & Co Divorce & Family Lawyers Pty Ltd (Carr & Co), which has practised in all areas of family law in Perth since being established by William Carr in 1995.
As well as obtaining a significant position in the WA family law market, the acquisition is notable because it is an acquisition of 80% of the shares and not 100% which has been the norm for listed law firm acquisitions.
No doubt the other 20% shareholding will help with engagement and stability of the current team. Carr & Co’s team included five Directors, two Senior Associates, two Associates, and two Junior Lawyers, according to its website, plus support staff. The entire firm is estimated to comprise around 20 people.
At the beginning of 2018, arch rival Slater & Gordon made the strategic decision to exit family law.
The official announcement added:
The acquisition will take effect from 1 January 2019. The purchase price for 80% of the shares in Carr & Co is $3.6 million, the majority of which will be debt funded. The acquisition is expected to be earnings accretive in FY19.
Carr & Co is a highly respected family law practice in the Perth market and its highly experienced and well regarded directors and key employees will remain with the business.
Managing Director Simon Morrison said “We are delighted to have Carr & Co join the Shine Group. In addition to meeting our strategic acquisition criteria, the firm will contribute to Shine’s future earnings growth as synergies are realised. The acquisition delivers a strategic expansion opportunity and enhances our family law capability”.