Eureka Growth Capital formed a new portfolio company, West Academic Publishing, to acquire LSP. West Academic Publishing represents Eureka’s second platform investment by its third investment fund. Fifth Third Bank provided debt facilities to support the acquisition.
“Throughout the acquisition process, Eureka has demonstrated that it brings the commitment, resources and seasoned leadership to support the long-term goals and success of the business,” said Chris Parton, CEO of West Academic Publishing. “We look forward to working closely with the Eureka team to build on our long history of serving law school faculty and students with the highest quality educational materials.”
West Academic Publishing provides legal textbooks, casebooks, study guides and other course-related materials in both print and digital media formats for law school faculty and students in the United States. West Academic Publishing provides its products under the West Academic, Foundation Press and Gilbert imprints. The company is headquartered in Eagan, MN (www.westacademic.com).
“We are very excited to partner with an outstanding management team to leverage West Academic Publishing’s leadership position and outstanding relationships with the top legal scholars in the United States to drive new growth in the evolving legal education market,” said Chris Hanssens, Managing Partner of Eureka and a Director of West Academic Publishing. “From West Academic’s first published casebook in 1908 to today’s emerging digital products including the Interactive Casebook Series and Law School Exchange, West Academic Publishing has continued to provide the highest quality, innovative learning materials focused on teachability and current pedagogical trends.”
Eureka Growth Capital makes control and non-control investments in companies with $10 million to $75 million in revenue. Initial equity investments range from $4 million to $10 million, but larger investments can be made with co-investment from the firm’s limited partners. The firm prefers investment opportunities in the Mid-Atlantic and Eastern US. The firm was founded in 1999 and is based in Philadelphia (www.eurekagrowth.com).
“The legal education market is facing challenges as enrollments decline. West Academic Publishing’s ability to provide best-of-breed products to law schools, faculty and students can provide solutions for our law school customers and opportunities for significant growth as the legal economy recovers,” said Chris Miller, a Principal with Eureka who will also join West Academic Publishing’s Board of Directors.
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-7-13