Slater & Gordon has this morning announced plans to purchase the NSW-based Keddies Lawyers, in a bid to consolidate its dominance of the national personal injuries litigation market.
The deal, worth $35 million and still subject to final due diligence and executed documentation, will see Slater & Gordon gain a significantly increased share of the NSW personal injuries litigation market.
Keddies has forecast full year revenue of approximately $25 million. It has four offices in Sydney and one in Brisbane.
Slater & Gordon managing director Andrew Grech said the deal will make the firm the clear market leaders in personal injuries litigation across the eastern states, which nationally represents around 85 per cent of the market.
"We've said from when we listed that leading the consolidation of the Australian personal injuries market was a prime aim for us, with Queensland and New South Wales the main targets," Grech said in the ASX statement released today.
Keddies will be fully integrated into Slater & Gordon with the Brisbane and Wollongong offices set to relocate to the existing Slater & Gordon offices in those locations and Keddies' Redfern, Ashfield and Liverpool offices to be re-branded as soon as possible.
"Full integration allows us to maximize the efficiencies to be gained from bringing two substantial personal injuries practices together," Grech said.
The move follows the recent acquisition of the Queensland-based Trilby Misso, which Grech said has significantly contributed to Slater & Gordon's Queensland market share ambitions.