An FRP Advisory report on the administration of Triton Global has revealed that DWF purchased the claims management firm for 30% of its value when it bought the firm for £1.1m. It also took on pension arrears of £345,000.
The report states: ‘The achievement of 30p/£ is considered to represent a good value given the nature of the debt and general expectations of asset realisations within legal firms. Deferred consideration was accepted due to the good covenant of the purchasers and the fact it was able to provide a greater realisable value of the assets.’
Additionally DWF may enter into a repayment agreement with Wesleyan Bank, which is owed £1.2m as a creditor to Triton Global. Pinsent Masons acted as legal counsel and picked up £64,442 for its part in the administration.
DWF’s bolt-on sees 215 members of Triton’s staff join DWF, as the firm continues expanding its fast-growing global insurance practice.
Triton’s pre-existing offices in Birmingham, Bristol, Leeds, London, Manchester and Dublin will be absorbed, strengthening DWF’s presence in the UK and Ireland.
DWF has also acquired Triton’s technology business, 3Sixty, as part of the deal. Offering advice to the insurance, legal, logistics and public sectors, 3Sixty will complement DWF’s legal innovation subsidiary 15squared. The two businesses will combine on developing technology for the insurance and health and safety sectors.
The acquisition of Triton follows a pro-active start to 2017 for DWF. The firm announced on 3 January the acquisition of four partner law firm Heenan Paris, its first venture in the French capital.
DWF merged with former German commercial law firm BridgeHouseLaw on 1 January, adding offices in Munich and Cologne to the firms’ European network.
A merger with 20-partner Belfast firm C&H Jefferson in December 2016 saw DWF extend its Northern Ireland presence.
kathryn.mccann@legalease.co.uk
