Stagecoach founder joins private equity for slice of Newcastle solicitors

Private equity firms Souter Investments and JZ International have acquired a 60% stake in North East accident claims outfit, Winn Solicitors Ltd.

The deal will fuel Winn’s “significant” expansion plans, as the firm’s core management team, led by Jeff Winn, Dawn Winn and Ghazala Bashey, will retain a 40% stake.

Souter Investments is the private investment office of transport company Stagecoach’s founder Sir Brian Souter. Winn employs over 290 people at its Newcastle headquarters and in the year to April, generated revenues of approximately £40m.

Jeff Winn, a founder of Winn Group, said: “This investment, from JZI and Souter Investments, is recognition of the excellent business we have built up and confidence that Winn Group will further develop its offering.

“We aim to expand the business significantly in the next few years and this investment gives us the backing to do that.

“Winn Group is dedicated to offering the best service for its clients and the best working environment for its employees.”

JZI specialises in investing in and developing small to medium-sized businesses in partnership with founders and entrepreneurs. JZ International has invested in over 30 companies across Europe in all types of business and financial service industries.

JZI’s Senior Partner Martin Wright, said: “The combination of the excellent management of the Winn Group and the operational and financial assistance of the JZI management group will enable Winn to further consolidate its position as one of the leading providers in the outsourced accident management sector in a short period of time.”

Souter Investments’ managing director, Andy Macfie, said: “We are delighted to be backing Jeff and his management team and investing in such an exciting business. The accident management sector is undergoing a period of significant change at present and we are confident that Winn Group is well placed to grow strongly in this new environment.”

H.I.G. WhiteHorse and Barclays provided debt financing for the acquisition and JZI and the Souter Group have provided growth capital facilities for the development of the Group.

The terms of the transaction were not disclosed. The investment has received approval from both the Solicitors Regulatory Authority and the Financial Conduct Authority.