Windjammer’s Fund V Closes on Third Platform

Windjammer Capital Investors has acquired Compex Legal Services, a provider of outsourced legal services, from Mehta Family Partners.

Compex’ services include medical records retrieval, records summarization, multi-plaintiff litigation support, subpoena delivery, and deposition reporting. The company’s customers include insurance carriers, third party administrators and law firms. Compex, led by CEO Arvind Korde, was founded in 1972 and is headquartered near Los Angeles in Torrance, California.

“Compex has established itself as a clear leader in the medical records retrieval industry,” said Mr. Korde. “Windjammer has a great track record in helping companies grow with strategic guidance, technology investments and complementary acquisitions, and we are excited to partner with them to help us broaden our reach, and significantly enhance our product and service offerings.”

“Compex has a deep understanding of its customers’ needs which is reflected in its investment in technology, consistently high levels of customer service, and long-tenured customers. The company is a great fit for Windjammer and its strategy of investing in niche market leaders with mission-critical products and services,” said Jeff Miehe, a managing principal at Windjammer. “We look forward to working closely with the Compex team to capitalize on its multiple growth opportunities.”

The buy of Compex is the third investment for Windjammer’s fifth fund, Windjammer Senior Equity Fund V LP, which closed at its hard cap of $870 million in December 2018. The two earlier buys were Hermetic Solutions, a New Jersey-based provider of hermetic (airtight) packaging and components used in electronic systems (acquired in February 2019 from Shoreview Industries) and Hilco Vision, a Massachusetts-based designer, manufacturer and distributor of eyewear and eye care accessories (acquired in September 2019 from Blue Point Capital Partners).

Windjammer invests equity and subordinated debt as a control investor in middle-market businesses located in the US or Canada that have EBITDA from $8 million to $50 million. Sectors of interest include niche manufacturing, business services and value-added distribution. The firm’s investment size ranges from $50 million to $200 million per transaction.  Windjammer was founded in 1990 and is based in Waltham, Massachusetts and Newport Beach, California.

“Several years ago, we identified Compex as an established market leader in an attractive niche within the outsourced litigation support services space. We are thrilled to partner with the management team to execute on its next phase of growth,” said Ryan Pertz, a principal at Windjammer. “The company’s national scale and recent implementation of its next-generation workflow technology make Compex attractively positioned for growth, both organically and through acquisition.”

Mehta Family Partners, the seller of Compex, is the family office of Nitin Mehta, an active private investor in Silicon Valley and a former general partner of venture capital firm Weiss, Peck & Greer.

© 2020 Private Equity Professional | February 14, 2020

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