consulting

MDP Grows Ankura

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Ankura Consulting Group, a portfolio company of Madison Dearborn Partners since March 2016, has agreed to acquire the Disputes, Forensics and Legal Technology (DFLT) segment and its Transaction Advisory Services (TAS) of Navigant.

Ankura Consulting Group’s services include forensic and dispute consulting, turnaround and restructuring consulting, financial risk and controls advisory, corporate investigation, geopolitical risk assessment, transaction advisory, valuation and visual communications services. Customers include both corporate and public sector clients. The company is headquartered in Washington DC with 13 additional offices across the US and in Puerto Rico (www.ankuraconsultinggroup.com).

The addition of Navigant’s DFLT and TAS businesses strategically complements Ankura’s existing capabilities and geographic reach and creates a business advisory firm with over 1,400 employees in 34 offices worldwide and over $500 million in revenues.

“Bringing Navigant’s global DFLT and TAS businesses to Ankura represents a milestone opportunity to establish a global footprint, enhance our client offerings, deepen our relationships with our clients, and provide new and exciting opportunities for our people,” said Roger Carlile, CEO of Ankura. “Ankura was founded to create a different kind of business advisory firm based on collaboration and innovation, and our success and growth is a testament to our approach. Navigant’s DFLT and TAS professionals are leading experts in their fields who share these same beliefs, and we are excited to welcome our new colleagues to our growing platform.”

Madison Dearborn (MDP) invests in privately held or publicly traded companies in the following sectors: basic industries; business and government software and services; financial and transaction services; health care; and telecom, media and technology services. In August 2016 the firm closed its seventh buyout fund at $4.4 billion. Madison Dearborn was founded in 1992 and is based in Chicago (www.mdcp.com).

Navigant Consulting (NYSE: NCI) is a global professional services firm that provides advisory, consulting, outsourcing, and technology/analytics services to companies active in the healthcare, energy and financial services industries. The company, headquartered in Chicago, has nearly 50 offices in the United States, Canada, Europe, Middle East and Asia (www.navigant.com).

Jefferies was the financial advisor to Navigant.  Deutsche Bank Securities and SunTrust Robinson Humphrey served as financial advisors to Ankura.

This transaction is valued at $470 million and is expected to close during the third quarter of 2018.

© 2018 Private Equity Professional | June 25, 2018

AlixPartners Sold by CVC

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CVC Capital Partners has agreed to sell global business advisory firm AlixPartners to a new investment group formed by founder Jay Alix, Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Investment Board (PSP Investments) and Investcorp Group. CVC acquired AlixPartners in June 2012 through its fifth fund.

This transaction values AlixPartners at more than $2.5 billion and is expected to close by year end. AlixPartners’ senior leadership team will continue to hold a large equity interest in the firm.

“We are delighted to welcome CDPQ, PSP Investments and Investcorp as long-term shareholders,” said Simon Freakley, Chief Executive Officer of AlixPartners. “Their commitment will allow us to continue to grow our business and best serve our clients. We are now in our 35th year and, with revenues of $1 billion, AlixPartners is on a great trajectory.”

AlixPartners advises its Fortune 500 and middle-market clients on financial and operational performance; corporate turnarounds and restructurings; litigation consulting; forensic accounting; and information management services. The firm was founded in 1981 and has more than 1600 professionals in 25 offices. The firm was founded in 1981 and is headquartered in New York (www.alixpartners.com).

“Over the past 35 years, AlixPartners has developed expertise that is now sought after worldwide and helps companies stay on the leading edge in highly competitive markets. The resilient nature of its activities and its strongly diversified business model make it an attractive investment for CDPQ. By working with partners that share our long-term vision, we aim to support AlixPartners’ growth for many years to come and help further expand the firm’s footprint and capabilities,” said Roland Lescure, Chief Investment Officer and Head of Private Equity at CDPQ.

CDPQ is a Quebec-based institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2016, it held C$255 billion in net assets. CDPQ invests globally in major financial markets, private equity, infrastructure and real estate (www.cdpq.com).

PSP Investments is one of Canada’s largest pension investment managers with C$117 billion of net assets under management. PSP has been investing in private equity since 2004 and has approximately C$10 billion of private equity assets under management. PSP manages pension investments for the Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSP has offices in Montreal, New York and London (www.investpsp.com). Guthrie Stewart, Senior Vice President and Global Head of Private Investments, led the transaction for PSP.

Investcorp invests in mid-size companies operating in an array of industry sectors that have total enterprise values between $200 million and $1 billion and are located in North America or Western Europe. As at June 30, 2016, Investcorp had about $10.8 billion in total assets under management. The firm has offices in New York, London, Bahrain and Saudi Arabia (www.investcorp.com). David Tayeh, Head of Corporate Investment North America, led the transaction for Investcorp.

CVC Capital Partners currently manages over $33 billion of assets and funds managed or advised by CVC are invested in 51 companies worldwide. The firm, founded in 1981, is based in London and has a network of 24 offices and 340 employees throughout Europe, Asia and the United States (www.cvc.com).

Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs acted as financial advisors to AlixPartners and CVC.

© 2016 Private Equity Professional • 11-11-16

Madison Dearborn Invests in Ankura

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Ankura Consulting Group, a business advisory and expert services firm, has received a growth commitment of $100 million from Madison Dearborn Partners (MDP).  The investment will be funded to support Ankura’s expansion in the governance, risk, compliance and restructuring services sectors.

Ankura Consulting Group’s services include forensic and dispute consulting, turnaround and restructuring consulting, financial risk and controls advisory, corporate investigation, geopolitical risk assessment, transaction advisory, valuation and visual communications services. Customers include both corporate and public sector clients. The company is headquartered in Dallas with additional offices in Atlanta, New York, Los Angeles and Washington DC (www.ankuraconsultinggroup.com).

“Ankura has experienced tremendous success since our founding in 2014, and we are so pleased to have MDP as a partner who understands our strategy and vision for the business,” said Roger Carlile, founder and Chief Executive Officer of Ankura. “With MDP’s support, we will continue building leading positions in growing sectors by attracting and retaining the very best talent in our chosen fields, adding to our capabilities through selective transactions and fostering a culture centered on our core values of collaboration, innovation and client service.”

Madison Dearborn Partners has more than $18 billion of capital under management. Sectors of interest include financial and transaction services; business and government services; health care; basic industries; consumer; and telecom, media and technology services. Madison Dearborn was founded in 1992 and is based in Chicago (www.mdcp.com).

“Ankura, with Roger and his team of highly experienced and respected executives, is very well positioned to become a true standout in its industry,” said Vahe Dombalagian, a Managing Director at MDP and a member of the firm’s financial & transaction services team. “MDP has known Roger for a long time and we are excited to start working with Ankura to support its continued expansion toward becoming a world-class consulting firm.”

RBC Capital Markets (www.rbccm.com) was the financial advisor to Ankura and Cole Schotz (www.coleschotz.com) provided legal counsel. Kirkland & Ellis (www.kirkland.com) provided legal advice to MDP.

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-7-16

Teakwood Capital Invests in Stratfor

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Teakwood Capital has made an investment in Stratfor Partners, a geopolitical intelligence advisory firm. The investment will be used for operational infrastructure and to finance the growth of the business.

Stratfor provides its geopolitical intelligence analysis and forecasting to its customers – composed of individuals, companies, and organizations – around the world. Clients include Fortune 500 companies in industries ranging from finance to natural resources as well as high net-worth individuals. The company’s data and information is compiled from Stratfor’s worldwide network of contacts and through open-source information.

“We give our clients and subscribers a strategic advantage in an evolving marketplace,” said Mr. Morenz. “This investment by Teakwood will help us extend the scope of that advantage, reinforce our industry leading intelligence and forecasting services and introduce new capabilities to better serve our audiences as they navigate an increasingly complicated world.”

Stratfor’s services are available via online subscriptions and custom consulting services. Stratfor’s information is used by its customers to evaluate geopolitical risk, make strategic investments and expand into challenging regions. Stratfor was founded in 1996 by author George Friedman and today is led by its President and CEO Shea Morenz.  Stratfor is based in Austin (www.stratfor.com).

“We’re excited to work with Shea and the team at Stratfor to pursue their innovative vision for the future,” said Shawn Kelly, managing director at Teakwood Capital. “They have done terrific work building a globally-recognized intelligence and forecasting service that is now poised to achieve new levels of recognition and success.”

Teakwood Capital invests equity capital primarily in technology enabled business-to-business companies with revenues of less than $25 million and EBITDAs from $500,000 to $3 million. The firm focuses on management buyouts as well as control growth equity investments. Teakwood Capital was founded in 2005 and is based in Dallas (www.teakwoodcapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 10-22-15

Levine Leichtman Acquires Trinity Consultants

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Levine Leichtman Capital Partners (LLCP) has partnered with management to acquire Trinity Consultants from Gryphon Investors. Trinity is the sixth investment from Levine Leichtman Capital Partners Fund V, LP.

Trinity is an environmental consulting firm that specializes in providing air quality services to satisfy regulatory-driven permitting and compliance needs, as well as sustainability goals.  Trinity has specific expertise in the energy, manufacturing, industrial, and utilities sectors.  The company, through a staff of over 450 consultants across 48 offices worldwide, provides its consulting services at several thousand sites annually. Trinity was founded in 1974 and is headquartered in Dallas (www.trinityconsultants.com).

“We are excited to partner with CEO Jay Hofmann and the rest of the management team who have led the tremendous growth of Trinity and established it as the leading brand in air quality consulting services across the country,” said Lauren Leichtman, Co-Founder and CEO of LLCP.  “Having followed Trinity for several years, we see our new partnership as a unique opportunity to work with a proven leadership team to continue executing their business plan over the long run.”

Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds.  The firm is based in Los Angeles with offices in Chicago, Dallas, New York, London and The Hague (www.llcp.com).

Jay Hofmann, Trinity’s President & Chief Executive Officer, and the rest of the management team will retain significant ownership in the company and will continue to lead Trinity under LLCP ownership.  “LLCP has a long history of being a value-added partner to its portfolio companies through their strategic, financial and M&A expertise, and I expect our partnership to contribute meaningfully to the continued growth of our business,” said Mr. Hofmann.

Gryphon Investors, which first invested in Trinity Consultants in November 2011, makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $35 million to $100 million of capital in companies with sales ranging from $50 million to $400 million. Sectors of interest include business services, consumer and retail, automotive, chemical, general manufacturing, health care and hotels. The firm is based in San Francisco (www.gryphoninvestors.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 9-2-15

Breakaway Capital Backs Wave Technology

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Breakaway Capital, through its inaugural Breakaway Capital Partners Fund, L.P., has provided a senior secured credit facility to Wave Technology Solutions Group, a provider of consulting services.

“Breakaway Capital is a great partner for Wave. They were creative and flexible. Equally as important is the wealth of experience and relationships that Breakaway’s principals bring to an entrepreneurial owned and managed company like ours,” said Matt Vaezi, Chairman and Chief Executive Officer of Wave Technology Solutions Group.

Wave Technology is a provider of consulting services for enterprise content management; intelligent capture to transform high volume documents into actionable data; business process automation that reviews products or service flow to identify areas of automation, optimization, and re-engineering; records and retention management, eDiscovery and compliance; eMail management and archiving; and disaster recovery and prevention. Wave Technology has a customer base of over 200 enterprise-wide document and content management installations. The company was founded in 1992 and is based in Irvine, CA (www.waveimaging.com).

The Wave transaction represents Breakaway Capital’s second investment in 2015.  According to Warren Woo, Managing Partner of Breakaway Capital, “We are thrilled to provide financing to Wave. Matt and his management team have built a quality company by providing value-added solutions to its broad base of Fortune 1000 and municipality customers.  This transaction is representative of Breakaway’s strategy to provide complete one-stop financing solutions for lower middle market companies, financial sponsors and independent sponsors.”

Breakaway has approximately $50 million of committed capital under management and provides senior debt, subordinated and mezzanine debt, unitranche structures, structured equity and common equity to companies with up to $5 million of EBITDA.  The firm targets leveraged buyouts, acquisitions, recapitalizations, restructurings and growth capital for both sponsored and non-sponsored transactions. Breakaway Capital Partners was founded by Warren Woo and is based in Los Angeles (www.breakawaycap.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-31-15