Eureka Equity Partners (“Eureka”) today announced the recapitalization of LegalPartners, a leading alternative legal services provider (“ALSP”) focused on outsourced team-based legal solutions, substantive engagements requiring sophisticated legal professional services, and other legal staffing services. Eureka partnered with the senior management team in the recapitalization of LegalPartners, representing Eureka’s first platform investment in Eureka IV, L.P., the firm’s latest small buyout fund.
Headquartered in Chicago, IL and Atlanta, GA, LegalPartners has capitalized on the growing demand for ALSP’s services, providing buyers of legal services a strong value proposition of specialized expertise and flexibility of resources as a more cost-effective solution to meet the needs of customers facing complex legal matters. LegalPartners provides well-vetted, highly- credentialed legal professionals as an outsourced resource to its law firm and corporate legal department customers.
“We are very excited to partner with founders Jim Kosciolek and David Gruskin and the rest of an outstanding team at LegalPartners,” said Chris Hanssens, Managing Partner of Eureka and a member of the Board of LegalPartners. “We look forward to working with the team to build a premier outsourced solution for top law firms and corporate legal groups looking for the highest caliber professionals to help them manage not just their legal spend, but also an ever-evolving legal environment.” Tassie Oswald, a Principal with Eureka who is also on the LegalPartners Board, added, “The ALSP industry is over $10 billion in market size and has grown over 12% a year over the last several years while remaining highly fragmented. LegalPartners is well-positioned to continue its strong historical growth as a sophisticated niche provider with one of the best reputations in the market that will facilitate both planned geographic expansion and service extensions.”
“We are genuinely thrilled to have Eureka as our new partner,” said Jim Kosciolek. “While our significant growth over the past several years is a testament to our model of delivering the highest quality experience to our clients and our workforce, we also recognize that in order to sustain this level of service and growth, we need the breadth of resources that Eureka brings. Eureka is a perfect match for us in expertise and culture, and we are very excited to begin working with their team to capitalize on the opportunities ahead of us.”
Stifel Bank & Trust provided debt facilities to support the recapitalization.
About Eureka Equity Partners Eureka Equity Partners is a private equity firm targeting niche market leaders with up to $100 million in revenue across industry segments in which Eureka brings significant experience and operating resources, including business services, health care services, specialty industrials and consumer products. Eureka focuses on partnering with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka leads buyouts that bring significant ownership to the operators driving the success of the business. With this core principle that aligns the interests of our operators and our investors, Eureka is also experienced and comfortable effecting minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Equity Partners can be found at www.eurekaequity.com.