Leeds legal adviser partners with global investment firm
Leeds-based professional advisory firm, Progeny, has announced that it has partnered with Further Global Capital Management, positioning the company to optimise the next stage of its growth.
Subject to regulatory approval, the transaction will result in Further Global acquiring a majority stake in the business.
Progeny’s senior management team will remain in place, continuing their commitment to the continued growth and build-out of the business. Importantly, both management and Progeny’s existing capital partner, LSG Holdings, will remain invested as significant shareholders in the company.
Neil Moles, CEO of Progeny, said: “This marks an important and exciting milestone in the development of the business, allowing Progeny to continue its growth trajectory and accelerate our plans to become the best and most respected professional advisory firm in the UK.
“This will cement our status as one of the fastest growing businesses in the region and the UK as a whole and represents a huge investment in the regional economy. Finding the right people to accompany us in this next stage of our evolution was crucial, which is why I am delighted to be partnering with Further Global.
Founded in 2017, Further Global Capital Management is an employee-owned private equity firm that makes investments in the business services and financial services industry.
Max Baumrin, a partner at Further Global Capital Management, said: “We could not be more excited to be partnering with Neil and the entire Progeny team as they continue to build what we believe is rapidly becoming one of the UK’s best known and best managed professional advisory firms.
“Having looked at this sector for a number of years now and having looked at a number of competing platforms, we could not be more impressed with the strength and cohesion of the business that Progeny has been able to build to date.”
Neil Moles concluded: “I am proud of the team we have assembled at Progeny, as every one of our now 230 team members has played a unique role in getting us to where we are today, just five years on from our launch date.
“We have created during this short period of time a business that is modern, inclusive and progressive and this is just the beginning. I would like to thank our existing capital partners at LSG Holdings for their steadfast support and many contributions to date. We simply would not be where we are today without them.”
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