Stone Point and Aquiline Create Legal Services Giant

GI Partners has agreed to sell Consilio, a provider of eDiscovery, document review, risk management, and legal consulting services, to Stone Point Capital.

In April 2018, GI Partners acquired legal services providers Advanced Discovery, a portfolio company of Trivest Partners, and Consilio, a portfolio company of Shamrock Partners and Trinity Hunt. The two companies were combined by GI Partners under the Consilio umbrella. In October 2018, Consilio completed the add-on acquisition of New York City-based DiscoverReady.

Consilio has capabilities and experience in litigation, internal and regulatory investigations, eDiscovery, document review, cybersecurity, contracts management, legal analytics, paper discovery, digital printing, as well as legal recruiting and placement. The Washington DC-headquartered company operates offices, document review and data centers across Europe, Asia, and North America.

Today, Consilio provides end-to-end legal services that support the large and complex legal matters of more than 3,000 clients, across 45 offices and 9 countries.

“We are thrilled with the outcome of our investment in Consilio,” said Hoon Cho, a managing director and co-head of private equity at GI Partners. “Our thesis was based on our conviction that Consilio’s combination with Advanced Discovery would create a differentiated market leader that would enhance customer success for its clients and create a formidable M&A platform to accelerate growth. The company grew rapidly in the three years since, including through the pandemic, and now stands better positioned than ever to continue its strong growth in the broader eDiscovery industry.”

The closing of the sale of Consilio is expected to occur by the end of May. Post-closing, Stone Point and Aquiline Capital Partners have agreed to merge Xact Data Discovery (currently under a purchase agreement with Aquiline) with Consilio.

Xact Data Discovery (XDD) is a provider of eDiscovery, data management, and managed review services for law firms and corporations. Kansas-headquartered XDD has 23 offices in the United States, one in the United Kingdom, and one in India.

“We are grateful to GI Partners for their invaluable support and strategic guidance over the last three years,” said Andy Macdonald, the CEO of Consilio. “Their support for continued investments in our growth allowed us to competitively deliver exceptional service to our clients and strengthen our global leadership position. We are now excited to start our next growth chapter with XDD and our new partners at Stone Point and Aquiline.”

GI Partners makes control equity investments in companies with enterprise values of $250 million to $1 billion that are active in the IT infrastructure, healthcare, software, and services sectors. In November 2017, the firm held a final closing of GI Partners Fund V LP at an oversubscribed and hard cap of $2.8 billion. GI Partners was founded in 2001 and is based in San Francisco.

Greenwich, Connecticut-headquartered Stone Point Capital is an active investor in the financial services sector including asset and wealth management, banking, insurance and specialty finance. In January 2020, Stone Point held a final closing of its eighth private equity fund, Trident VIII LP, with $7 billion in total capital commitments.

Aquiline Capital Partners invests in middle-market businesses across the financial services sector including financial technology, insurance, investment management, business services, credit and healthcare. In May 2020, the firm closed its fourth private equity fund, Aquiline Financial Services Fund IV LP, with more than $2 billion in commitments, exceeding its target of $1.5 billion. Aquiline was founded in 2005 and is headquartered in New York City with an additional office in London.

© 2021 Private Equity Professional | April 23, 2021

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