Manchester-based Blume, has been acquired by Sun European Partners for an undisclosed sum.
The recently rebranded legal customer acquisition firm stated that the move would put it on track to reach £30m in sales in 2023.
Previously known as mmadigital, it will now become part of Sun’s newly formed Fletchers Group, which came into being after it acquired North West-based Fletchers Solicitors in 2021.
Blume will operate as Fletchers’ consumer-facing operation, overseeing its brands including The Medical Law Network and Patient Claim Line.
Rockpool Investments which backed Blume earlier this year, will now exit the company.
CEO, Dez Derry and his management team will remain in place and join a wider Group leadership team, which will include Blume’s Chief Operating Officer Steve Evans and Fletchers’ Chief Marketing Officer Alex Kenny.
“We are thrilled to be partnering with Sun and Fletchers who share our vision, ambition and appetite for innovation. This is a landmark transaction for Blume which will take the business to the next level, giving us the ability to rapidly grow our foundation in partnership with a very strong capital partner,” said Derry.
“The added firepower provided by Sun’s investment, and the opportunity for Blume to build on Fletchers’ Patient Claim Line brand and its panel of law firms is a compelling proposition for the market. It will allow us to continue to help our clients prosper by providing more choice and flexibility through a wider portfolio of products and services. We have built an exceptional team and this deal will open up some new and exciting opportunities. The future for Blume is brighter than it has ever been, and I would like to thank everyone who has played a part in this fantastic development.”
Since 1995, Sun has invested in more than 475 companies worldwide with revenues in excess of $50bn.
“Dez and his management team have built a great business through a successful track record of organic growth and acquisitions, and we look forward to working with them to further maximise Blume’s potential,” added Alex Wyndham, Principal at Sun European Partners.
“The transformation of the legal landscape in recent times makes this an exciting time for M&A. Areas that are insulated from recession such as personal injury and medical negligence means legal services is an attractive proposition, and this acquisition gives us a strong foothold in the sector. We are focused on seeking out and nurturing promising scale-ups such as Blume to help build the industries of the future and our expectation is that we will be completing more deals in this sector during the next 18 months.”
The deal is subject to approval from the Financial Conduct Authority.
