Electra Partners and its portfolio company Davies Group have acquired Argent, a division of Duke-Street backed Parabis Group, a legal services firm which went into administration on November 23

The acquisition gives Argent a new lease of life after its parent Parabis was placed in administration. Peter Saville, Ben Browne and Anne O'Keefe of business-advisory firm AlixPartners were appointed joint administrators over a number of divisions of Parabis Group, which included various Argent entities.