Bahrainis snap up US deposition and litigation services firm.
Investcorp, an alternative investment manager, has added a provider of court reporting services to its portfolio.
The Bahraini firm has bought Veritext, a provider of deposition and litigation support services to US law firms, Fortune 500 companies and regulatory agencies.
Veritext was sold by its management and private equity firm Riverside, five years after they bought the business.
The financial terms of the deal have not been disclosed but it was completed with senior debt arranged by Madison Capital Funding and mezzanine provided by Oaktree Capital and PennantPark Investment.
Chris McCollum, managing director of Investcorp’s private equity business, says Veritext offers an appropriate investment risk/return balance. “Over the past 18 months we've evaluated many new investments and ended up passing on companies we liked where the opportunity would indicate an ultimate lower return profile than we were willing to accept.”
Veritext’s co-founder and chief operating officer, Nancy Josephs, adds that Investcorp’s financial support will enable the company to offer new services, increase sales and make further acquisitions.
Investcorp was advised by Marks Baughan & Co and Wyatt Partners with PricewaterhouseCoopers handling the financial issues of the deal and Gibson Dunn & Crutcher providing legal services. Riverside was represented by Harris Williams & Co.
New Jersey-based Veritext provides technology and services that capture testimony during a deposition which is critical in civil litigation cases in the US.
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