Ince & Co sold and merged
Compatriot UK law group Gordon Dadds has taken over the prestigious law firm specialized in transport and shipping
Ince & Co International has been taken over by compatriot UK law firm Gordon Dadds for estimated GBP 34 million based on a percentage of turnover generated by Ince equity partners over a 3-year period from completion. The buyer will issue up to 3 million share options at GBP 1.40 per share to members of Ince.
The UK-listed group said it had agreed in principle to acquire all of Ince’s equity partner interests and business assets. The new firm will be named Ince Gordon Dadds with a target for completion by 31 December 2018.
Gordon Dadds said the merged firm would the largest listed legal firm in the UK by revenue and a UK top 40 legal firm; GBP 52.5 million of Ince’s turnover in the year ended 30 April 2018 will be consolidated by Gordon Dadds which had an annual run rate of GBP 42 million at 31 March 2018.
The merged firm will have 100 partners with offices in 9 countries to expand geographical footprint of Gordon Dadds, which has offices only in London, Cardiff and Hong Kong.
The new law firm resulting from the merger will be helmed by Gordon Dadds’ Managing Partner and CEO Aiden Biles supported by Peter Rogan, Chairman of the Board of Ince.
“The merger will build upon complementary strengths of the two firms in terms of industry expertise and range of services; our management model will allow Ince’s partners and fee earners to focus even more on providing market leading legal advice to a stellar client base” Biles stated.
“Members of Ince & Co International LLP have approved the terms of a merger with Gordon Dadds LLP to form a top 40 UK legal firm, Ince Gordon Dadds LLP. This is a momentous time for us and I want to take the opportunity to give you a brief update about what the announcement means” Peter Rogan, Chairman of the Board of Ince, clarified: “This cutting-edge merger, which recognises the strength of the Ince & Co brand around the world, brings together two complementary businesses with access to new capital. Such investment gives us the ability to grow our platform significantly and further enhance the high quality legal services for which we are renowned. Ince Gordon Dadds will also provide other professional services under one roof and will enable us to be at the forefront of developments in the legal sector. This is an exciting day for us, with this deal being very much in line with our long-established strategy. I’m proud that the Ince name will continue and am very excited to be moving forward together as part of this innovative new structure with access to new sources, allowing us to gain greater competitive advantage in the market” Rogan concluded.