PCS2 acts as sole lender to Knights 1759 to support continued expansion17 October 2016
Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, announces that direct lending fund Permira Credit Solutions II is providing financing to one of the UK’s fastest growing professional services businesses, Knights 1759 (“Knights”).
Knights became the first UK commercial law firm to be granted an ABS licence and attract private equity investment. Its unique business model providing high-quality services from regional centres has allowed it to grow rapidly to c.500 staff operating from six regional offices in Newcastle-under-Lyme, Chester, Cheltenham, Derby, Hale and Oxford.
David Beech, CEO of Knights, commented on the new partnership:
“We selected Permira Debt Managers as our finance partner as they understood our vision for what we plan to achieve in the UK professional services sector. The investment by PDM's fund has allowed us to achieve significant capital support without any change of ownership, management structure or impacting our team culture and ethos.”
Thomas Kyriakoudis, Chief Investment Officer at Permira Debt Managers, said:
“Knights exemplifies the type of successful business the Permira Debt Managers funds invest in. We are delighted to have the opportunity to back Knights and look forward to supporting the management team as it carries out the next phase of its growth strategy.”