Appleby sells minority stake to US private equity group

Appleby has become the latest major offshore law firm to take private equity investment, selling a minority stake to US investment group New Mountain Capital.

The firm said the investment would be used to expand into new jurisdictions and service lines, invest in technology and pursue acquisitions.

Appleby is one of the world’s largest offshore law firms, with more than 200 lawyers across 11 offices, including in Bermuda, the Cayman Islands, the British Virgin Islands, Jersey, Hong Kong and the Isle of Man.

The investment will be made through a newly established Cayman Islands company that will indirectly own Appleby Global Group, the MSO that provides managed services to Appleby’s law firms and owns its corporate and fiduciary services operations.

Appleby’s individual law firms will remain owned and controlled by locally qualified partners, while its existing partners and management will retain majority ownership of the wider group.

Private equity targets offshore law

The deal comes just weeks after fellow offshore firm Mourant sold a 27% stake to London-based private equity firm MML Capital Partners.

The two investments follow a similar structure, with private equity money going into a holding company that provides managed services to separate law firm entities, which remain owned and controlled by locally qualified lawyers.

The model allows outside investors to gain exposure to the economics and growth of a legal services group while preserving the ownership structures required for its regulated law firms.

New Mountain has previous experience investing in professional services. The US private equity group, which manages around $60 billion of assets, acquired a majority stake in the US arm of accounting giant Grant Thornton in 2024.

New Mountain said it plans to support Appleby through investment in talent and technology as well as acquisitions.

Appleby group managing partner Malcolm Moller will become chief executive following completion of the deal.

Ropes & Gray is advising Appleby on the deal. Simpson Thacher and Addleshaw Goddard are acting for New Mountain.