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Law firm MAPD Ventures, which trades as MAPD Group, has said that it is well placed to make further acquisitions, after its previous M&A activity contributed to increased EBITDA in its most recent financial results.
In the year to May 31 2022, the company reported an increase in EBITDA from £1.3 million in its previous results to £1.55 million. MAPD said that this reflected improved profitability at the Jackson Lees Group, a Liverpool-based firm that it acquired in 2020, as well as earnings driven by its acquisition of Stoke-based Myers & Co in 2021.
The company’s previous reporting period covered 17 months from its incorporation and, in the subsequent year to the end of May 2022, its turnover increased 16 per cent to £15.7 million on a pro rata basis.
The report covers the period prior to MAPD’s acquisition of a 75 per cent stake in commercial law firm Bermans. In the year ending June 30 2022, Bermans, which operates in Manchester and Liverpool, reported turnover of £8.4 million, up from £7.6 million a year earlier.
MAPD, which stands for “Making A Positive Difference”, was founded in 2019 as an acquisitive firm aiming to drive national growth at local law firms. The company, which is backed by Shard Credit Partners, is led by CEO Brian Cullen and COO Joanna Kingston-Davies (pictured above).
Acquired businesses retain their brand post-takeover, with MAPD aiming to foster the sharing of knowledge, best practice and ideas between companies in its group. Acquisitions also gain access to MAPD’s team of specialists, which provide operational support services, including data analysis, compliance support and client experience.
In its latest results, the company said it was continuing to “actively look for great businesses that share our focus” and that it has “funding and an appetite to invest in aligned businesses within the legal sector via a nationwide acquisition strategy.”
It added that the performance of its previous acquisitions has “resulted in a strong balance sheet with increased net assets of £1.48m leaving the Group well placed to make further acquisitions.”
Read about growing M&A activity across the professional services industry.
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