CIVC Partners has acquired Magna Legal Services in partnership with the company’s management team.
Magna provides litigation support services to over 2,000 law firms and corporations across the United States. The company’s services include court reporting, jury evaluation and consulting, translation, video, graphic design, and record retrieval services. Magna, led by President Bob Ackerman, was founded in 2007 and is headquartered in Philadelphia (www.magnals.com).
Magna’s entire senior management team will remain in place following the investment by CIVC and will maintain a significant ownership position in the company. “Magna is one of the leading companies of scale in a highly attractive industry defined by recurring revenue, limited cyclicality, and a fragmented base of smaller competitors,” said Scott Schwartz, a partner at CIVC. “We are excited to partner with Bob Ackerman, Mark Calzaretta, Peter Hecht and Jon Ackerman to support the company in accelerating organic growth and pursuing strategic acquisitions.”
CIVC invests from $15 million to $85 million in companies that have at least $5 million of EBITDA. Sectors of interest include business services and financial services. Since 1989, the firm has invested $1.6 billion in 62 platform companies. CIVC is headquartered in Chicago (www.civc.com).
“Magna is a tremendous investment opportunity for CIVC and a strong fit with our experience investing in growing business services companies that operate in highly fragmented industries benefiting from strong outsourcing trends,” said Doug Potters, a principal at CIVC.
The legal services space has been very active recently. Earlier this week, Boston-based Abry Partners acquired U.S. Legal Support, a Houston-based provider of litigation support services with more than 85 offices located across the United States. In October 2018, Consilio, a portfolio company of GI Partners, acquired Charlotte-based DiscoverReady, a provider of legal support services. GI Partners formed Consilio in April 2018 through the acquisitions of two legal services providers – Advanced Discovery, a portfolio company of Trivest Partners, and Consilio, a portfolio company of Shamrock Partners and Trinity Hunt.
“We are thrilled to be partnering with a CIVC team that enthusiastically shares our vision for Magna,” said Bob Ackerman. “CIVC has been an active investor for nearly 30 years and has extensive experience partnering with founder-led companies. We expect CIVC to be a value-added partner going forward as we execute on our growth strategy.”
© 2018 Private Equity Professional | December 6, 2018