"Becoming part of a global network is going to open up huge opportunities for us. I look forward to working with our ETL partner firms in the UK and around the world to achieve new levels of success."
The international professional services group ETL Global has acquired the Top 200 law firm Laytons LLP through its existing UK law firm investment Glaisyers Solicitors. The deal has doubled ETL Global’s footprint in the UK legal sector.
The investment has been structured so that Glaisyers, a national firm with its headquarters in Manchester, has taken a 51 per cent stake in City of London-based Laytons. The remaining 49 per cent has been retained by Laytons’ existing equity partners.
Laytons, a 30-partner firm, employs 66 people. Glaisyers, which has grown rapidly since being acquired in a management buy-in backed by ETL Global in 2018, employs 68 people.
Laytons has itself grown by acquisition in recent years, merging with Silverman Sherliker in 2017 and Lattey & Dawe in 2019.
Following the deal, Laytons has become part of the ETL Global network of professional services firms, which employs 17,000 people in more than 50 countries worldwide. In the UK ETL Global is particularly active in the accountancy sector, with Glaisyers, and now Laytons, leading its expansion into the UK legal services market.
Both firms will also be rebranding as Glaisyers | ETL Global and Laytons | ETL Global respectively. Laytons remains operationally independent and will continue to be led by managing partner John Abbott.
David Jones, executive partner at Glaisyers, said, “I am thrilled to have completed this deal, and to welcome Laytons to the ETL family. John Abbott continues to do a superb job as managing partner and I look forward to working together as we help each-other to grow our respective businesses over the years to come.
“Our firms have complementary strengths and client bases, and Laytons has a very strong, well-established international practice which puts it in a fantastic position to thrive as part of the ETL Global network.”
Following the deal Glaisyers will provide business development support to Laytons, which will also benefit from ongoing financial investment into the firm, with the backing of ETL. In particular there are plans already drawn up to make a major investment in the London firm’s technology infrastructure.
John Abbott, managing partner at Laytons, said, “I couldn’t be happier to have completed this deal, and to be embarking on a new chapter in Laytons’ history. It’s a real win/win for all involved and I anticipate a bright future for our staff, partners and clients as we move ahead.
“Becoming part of a global network is going to open up huge opportunities for us in the years ahead. I look forward to working with Glaisyers, and our ETL partner firms in the UK and around the world, to make the most of those opportunities and achieve new levels of success.”
Glaisyers’ and Laytons’ own corporate departments handled the legal aspects of the transaction. Corporate finance advice on the deal was provided by ETL Global UK.
Picture capiton (L-R): David Jones (Glaisyers), John Abbott (Laytons), David Marlor (Glaisyers).