London-based, Parabis Group, which provides legal and professional services to the insurance sector, has received 13 million pounds in funding. The investor was previous backer Duke Street.
Friday 5 December 2014
Duke Street, the first private equity investor to enter the post-reform legal services market, is increasing its investment in Parabis Group to help fund significant development and change.
The £13 million investment underscores Duke Street’s long-term commitment to Parabis and will enable the Group to capitalise further on opportunities presented by accelerating change in the legal services sector.
The new capital will help to fund an ambitious programme of investment in people, property and technology creating a modern infrastructure which allows Parabis to continue to be innovative and competitive in its delivery of high quality services.
Over the past year, Parabis Group has been restructuring and refocusing its business, rationalising property holdings and grouping teams in centres of legal excellence closer to where their clients need them as it pursues its customer-centric vision.
Charlie Troup, Partner at Duke Street Capital commented: “The changes to the legal services sector through liberalisation and increased competition have been more profound than anyone anticipated in 2010; we believe the strongest firms will not only embrace these changes but also lead them. Parabis has done this through its entry into Consumer Law and the evolution of its ABS models; together we are building a sustainably competitive business which will benefit customers and employees alike. We are delighted to show our long-term support with this further investment.”
Tim Roberts, Group Commercial Director and founding Partner at Parabis said: “This investment provides Parabis with the firepower to move confidently into the future as we use the best talent and technology to unlock extraordinary opportunities for our customers. Duke Street has underlined its long-term commitment to this strategy which is already transforming the way the market views legal services.”
Duke Street became the first private equity investor to enter the legal services market following the liberalisation ushered in by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) when it announced its investment in Parabis in 2012.
Parabis secured ABS status for Parabis Law LLP in 2012. In the past year it has formed ABS joint ventures with insurers Direct Line and Saga. A multi-disciplinary group, the law and non-law operations of Parabis combine to provide its insurer clients with a legal services offering focused on their customers’ needs.