Livingbridge is exploring a sale for its UK-based legal services provider Stowe Family Law, three sources familiar with the situation said.

Stowe Family Law, the UK’s largest specialist family law firm according to the sponsor, is expected to be marketed off EBITDA in the region of GBP 10m, one source said.

PwC is running both the M&A and financing processes for the sale of the asset in parallel via its corporate finance and debt advisory teams, all three sources said.

The lenders’ education for interested credit providers took place a couple of weeks ago, one source said.

The law firm was founded by specialist Marilyn Stowe over 30 years ago and received investment from Livingbridge in 2017. At the time of the PE investment, Stowe was expected to have EBITDA in the region of GBP 5m-6m, this source added.

Stowe Chairman Ken Fowlie expected the company to generate a turnover of approximately GBP 37m for the 12-month period ending March 2024, adding that a number of industry counterparts had approached Stowe for takeover conversations, as previously reported.

The firm has built a network of just under 80 offices across England and Wales, and more than 160 specialist family lawyers, as of December 2023.

In December, Stowe announced its takeover of Crisp & Co. Solicitors, a specialist family law firm with 17 offices across England.

The deal marked the third acquisition for the firm, following the takeovers of both Chapman Pieri in April 2022 and Watson Thomas Solicitors in February 2023.

PwC and Livingbridge declined to comment. Stowe Family Law did not respond to requests for comment.