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Pillar Growth Partners

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Overview Strategy MSO Structure Terms Financial Model ⬇ Download Deck
Investment Strategy

Platform + Add-On Roll-Up Approach

Platform Acquisition

Anchor Investment

  • Revenue: $50 - $100M
  • EBITDA: $10 - $20M
  • Entry multiple: 5.0 - 7.0x EBITDA = $50 - 140M EV
  • Multi-practice, 50+ attorneys, Tier 1/2 states
  • Existing management team retained
  • Serves as integration hub & shared services center
Add-On Acquisitions

Bolt-On Growth

  • Revenue: $10M+
  • Avg. EBITDA: $2.0M+
  • Entry multiple: 3.0x - 6.0x
  • Target 4 per year for Years 1 - 3
  • All add-ons in the platform's legal sub-sector
  • Geographic expansion across Tier 1/2 states
Technology & AI Integration

Best-in-Class Technology Stack

  • Deploy AI-powered document drafting, legal research, and case analysis across all portfolio firms from day one
  • Centralize practice management, billing, and client intake on a unified cloud platform
  • Implement predictive case valuation and triage models to optimize case selection and settlement timing
  • AI-driven marketing and lead generation to reduce client acquisition costs by 30-50%
  • Automate back-office operations (HR, accounting, compliance) via MSO shared services
  • Target 8-12% EBITDA margin expansion through combined technology and operational improvements
$100MFund Size
3xLeverage
~$200MTotal Deployed
~$35MEBITDA Acquired
Capital Structure

Sources & Uses — Platform Acquisition

Sources
Source Amount ($M) % of Total Terms
Senior Term Loan $60.0 58% L+450, 5yr, 1% amort
Mezzanine / Unitranche $10.0 10% L+800, PIK toggle
Fund Equity $32.5 31% Common equity (incl txn costs)
Rollover Equity $1.0 1% Management rollover
Total Sources $103.5 100% --
Uses
Use Amount ($M) % of Total Notes
Enterprise Value $100.0 97% 5.0x EBITDA
Transaction Costs $2.5 2% Legal, diligence, advisory
Working Capital $0.5 0.5% Day-1 needs
Cash to Balance Sheet $0.5 0.5% Operating cash
Total Uses $103.5 100% --
3.5xTotal Debt / EBITDA
2.6xInterest Coverage
3.0xSenior Debt / EBITDA
31%Equity Contribution
$32.5MEquity Check
$39.5MY0 Deployed
$59.0MY1 Deployed
$78.5MY2 Deployed
$100.0MY3 Fully Deployed
Market Validation

Recent Legal Services M&A (2021 - 2025)

Acquirer / Target Buyer Year Revenue EBITDA Notes
Fletchers Group Sun Capital 2021 £34M → £77M £8M → £38M PI specialist. 10 add-ons in 4 yrs. 4.75x EBITDA growth. Continuation fund in 2025.
Stowe Family Law Livingbridge → Investcorp 2017 / 2024 £9M → £37M ~£3M Family law. 4x rev growth. Sold to Investcorp (2024). 90 offices, 400 staff.
Nelsons Solicitors Lawfront (Blixt Group) 2023 ~£15M N/D East Midlands firm. PE-backed Lawfront building regional platform.
Slater Heelis Lawfront (Blixt Group) 2024 ~£10M N/D Manchester firm. Second acquisition for Lawfront's regional roll-up.
FBC Manby Bowdler August Equity (Higgs) 2024 ~£12M N/D Midlands firm. Higgs now PE-backed and acquiring (added Vialex in 2025).
Rayden Solicitors Fletchers (Sun Capital) 2025 £11.4M £1.4M Family law. Fletchers' first move outside PI. 10th add-on acquisition.
Shoosmiths PI Practice Fletchers (Sun Capital) 2025 ~£15M N/D 80-strong serious injury team carved out from national firm. Price: £12M.
Beyond Law Group Waterland PE 2024 N/D N/D Waterland PE investment in UK legal platform. Building multi-practice group.
UK PE investment in law firms exceeded £534M in 2024 alone. PI and family law are leading targets — validating our commodity-first thesis. Source: Legal Futures, PitchBook, Companies House, Acquira, public filings
Execution Roadmap

Key Milestones from Now Until Platform Close

Apr 2026

Kickoff Proprietary Deal Sourcing

Activate proprietary database of 5,000+ firms. Begin direct outreach to partners 55+ in target segments. Engage intermediary network and bar association channels.

May 2026

Equity Fundraise Complete

Close on $100M target ($120M hard cap). Secure commitments from institutional LPs, family offices, and strategic co-investors. GP commits $3M.

Jun 2026

Debt Facility Secured

Finalize senior term loan and mezzanine facility. Target 3.5x total leverage at platform close. Pre-negotiated terms with 2-3 lenders for flexibility.

Jun 2026

Operating Partner / Board Member Recruited

Hire former Am Law 100 COO/CFO with 20+ years legal operations experience. Critical for integration playbook development and regulatory architecture.

Aug 2026

Platform CEO / COO Recruited

Recruit experienced operator to lead day-to-day platform management. Target profile: healthcare MSO or professional services executive with proven roll-up track record.

Proof of Concept

Case Study — Prime Providers

Prime Providers

MSO Roll-Up Playbook: $5M → $250M+ Revenue
Value Acquisitions

Disciplined Buy-and-Build

  • Completed 10+ acquisitions at avg. <6x EBITDA
  • Fragmented market of small providers enables disciplined pricing
  • Integrated all acquisitions under unified systems and management
Organic Growth

Expanding the Footprint

  • Expanded from 1 to 15+ locations across California
  • Grew preferred payor partnerships, added new service lines, expanded geographies
  • Recruited best-in-class management team to drive revenue in acquired businesses
Operational Improvements via Technology

Centralized Infrastructure

  • Implemented electronic charting, ADP payroll, and Sage ERP across all entities
  • Centralized billing/RCM drove record collection months
  • Opened offshore back office at 33% of US cost, driving margin expansion
Demonstrated Results

Exceptional Returns

  • Revenue grew from $5M to $250M+ (50x) in 7 years
  • EBITDA scaled from $1M to $55M+ through combined strategy
  • Expected >5x return on invested capital; comparable platforms trade at 10-12x EBITDA
$5M → $250M+Revenue Growth (50x)
10+Acquisitions Completed
$200M+Total Capital Deployed
<6xAvg. Acquisition Multiple
>5xExpected ROIC
Best-in-ClassTechnology Systems
The same buy-and-build MSO playbook — proven in healthcare — now being applied to legal services.