Australian private equity firm Allegro Funds is homing in on a deal to acquire listed law firm and former market darling Slater & Gordon for about $150 million.
Australian private equity firm Allegro Funds is homing in on a deal to acquire listed law firm and former market darling SlaterStreet Talk can reveal Allegro’s dealmakers have been working on turnaround plans for SlaterGordon since last October, running due diligence on the company and coming up with a business plan it thinks can return the business to its former glory.
Slater & Gordon reported $155 million fee revenue in the 2022 financial year, and $182.6 million total revenue.It is understood to be close to an agreed deal to buy the ASX-listed group, in a transaction that would be recommended by SlaterAllegro’s expected to recapitalise the group, implementing a turnaround plan away from the bright lights of the ASX-boards. It’s expected to include SlaterThe deal’s likely to be announced as early as Wednesday.
The shares first traded at $1 in May 2007, soaring above $8 in April 2015 as the market capitalisation exceeded $2.7 billion. It made a lot of Australian small-cap fund managers a lot of money, and inspired other law firms to consider listing plans of their own.
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