Gridiron Capital has sold Legility, a provider of outsourced legal services to in-house legal departments and law firms, to Consilio, a portfolio company of Stone Point Capital.
Nashville-headquartered Legility provides technology-enabled legal services, including consulting, technology, managed services and flexible staffing to corporations and law firms. The firm’s managed services include transactional, repetitive, or high-volume legal work for contract lifecycle management, eDiscovery, data governance, data analytics, and regulatory compliance.
Legility maintains a network of more than 1,000 domestic and international lawyers, engineers, consultants, technology and data specialists, and operational experts that serve more than one-third of the Fortune 100 and one-quarter of the Am Law 200. The company has offices and datacenters in Nashville, Atlanta, Seattle, Palo Alto, San Diego, Dallas, Ft. Worth, Oklahoma City, Chicago, and Washington DC; and international offices and data centers in the United Kingdom (2) and Germany.
Gridiron invested in Legility, then known as Counsel on Call (the name was changed in November 2018), in April 2014 with the intent to expand the company’s services, geographic footprint and client base.
During Gridiron’s investment term, the company expanded from focusing exclusively on flexible staffing services and managed services to providing a full suite of outsourced data services and tech-enabled services to corporate general counsels. Over Gridiron’s seven-plus year hold, Legility grew its geographic service area from the southeastern United States to full nationwide and European coverage.
“We have really enjoyed and benefited from our partnership with Gridiron, which has supported Legility’s transformation and expansion,” said Barry Dark, CEO of Legility.
“We are extremely proud of the Legility team and the outstanding growth that they achieved during our partnership,” said Tom Burger, the co-founder and managing partner at Gridiron.
Consilio, the buyer of Legility, was formed by GI Partners in April 2018 to acquire two legal services providers – Advanced Discovery, a portfolio company of Trivest Partners, and Consilio, a portfolio company of Shamrock Partners and Trinity Hunt. In April 2021, Stone Point Capital and Aquiline Capital acquired and merged Consilio with Xact Data Discovery, a portfolio company of JLL Partners.
Today, Washington DC-headquartered Consilio, led by CEO Andy Macdonald, has more than 4,000 employees and offices and datacenters in more than 11 countries.
“Legility has a proven track record of creating excellent predictive and automated enterprise-wide legal driven processes that blend analytics, purpose-built workflows, and information-driven process improvements that help legal teams achieve operational success,” said Mr. Macdonald. “This acquisition unlocks greater scale and resources while aligning with our strategy to invest in differentiated solutions that result in a consistently exceptional client experience.”
“It has been an honor to work with Barry Dark and the entire team at Legility to build a unique tech-enabled legal services business that brings innovation to the legal market,” said Will Hausberg, a managing director at Gridiron.
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values from $75 million to $600 million and EBITDA from $10 million to $60 million. Sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrial.
Just before year-end 2021, Gridiron announced the sale of Simpsonville, South Carolina-headquartered Essential Cabinetry, a maker of stock, semi-custom, and custom kitchen and bathroom cabinets, to Dallas-based Breck Partners.
In December 2020, New Canaan, Connecticut-based Gridiron held a hard-cap and oversubscribed closing of its largest fund, Gridiron Capital Fund IV LP, in December 2020 with $1.35 billion of capital.
© 2022 Private Equity Professional | January 4, 2022