Riverside’s private equity

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Riverside Testifies To Latest Acquisition February 10, 2009

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Court Reporting Firm is Ninth Add-on for Veritext

Type:
Add-on acquisition for Veritext Corp.

Key Stats: 
3rd Acquisition of 2009
211th Acquisition Overall
Riverside closed 31 acquisitions in 2008

Fund Family: Riverside Capital Appreciation Fund 2003 (“RCAF ’03”)

Corbett Reporting

Based in Wilmington, DE

  • Founded in 1980
  • Main office in Wilmington, DE and satellite office in Dover, DE
  • Handles all aspects of high-end corporate litigation, from depositions to hearings
  • All employee reporters are nationally certified as Registered Professional Reporters by both the National Court Reporter Association (NCRA) and Certified LiveNote Reporters

Of Note:
Riverside acquired Veritext in August 2005, and together with Management, has been very acquisitive during its hold period. The investment in Corbett Reporting marks the ninth add-on under Riverside’s ownership, and strengthens Veritext’s position as one of the leading national court-reporting firms.

Quotes:

Andrew Strauss, Partner

“Riverside believes Corbett Reporting is a great fit and follows Veritext’s strategy of acquiring small court-reporting firms with strong local reputations in adjacent key markets. Over the past three and a half years, Veritext has successfully integrated eight strategic add-on acquisitions, and we are confident the company will use its experience to ensure a smooth transition with Corbett as well.”

Mike Sandler, Veritext CEO

“Veritext is thrilled to establish a presence in Delaware, an attractive and growing legal services market, and is eager to market add-on services and referral business throughout Veritext’s national network. Corbett Reporting has built a reputation for high quality reporters and customer service that will make for a seamless integration.”

Ellen Corbett Hannum, Corbett Reporting Founder and CEO

“For over 33 years, Corbett Reporting has been devoted to providing exceptional customer service and latest technology in court reporting. We are looking forward to the new opportunities created through our partnership with Veritext, as well as being able to capitalize on the business we currently outsource due to volume or location.”

Riverside Team:
Andrew Strauss, Partner; Chip Walker, Principal; and Adam Friend, Senior Associate.

Partners: Madison Capital, US Bank, and Freeport Financial provided the financing for the transaction. Because of the continued growth of Veritext and sufficient debt capacity, no equity was required.

The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)

The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and is one of the industry’s most experienced leveraged buyout investors. Riverside invests in premier SEMM companies valued up to $150 million and partners with strong management teams to build companies through acquisitions and value-added growth. Since its founding in 1988, the firm has invested in 211 transactions with $4.7 billion in enterprise value, and has a current portfolio in North America, Europe and Asia consisting of 69 companies. Riverside offers certainty to close and can complete acquisitions in as little as 45 days, thanks to its more than $2.7 billion of capital under management, over 180 professionals in 18 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Eindhoven, Hong Kong, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. As of the end of September 2008, Riverside’s portfolio had combined annual sales of $3.2 billion, EBITDA of $524 million and more than 14,000 employees. Five of the firm’s eight mature vintages were currently top quartile. Riverside’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks.

Veritext (www.veritext.com)

Veritext is one of the largest national providers of court-reporting services. Headquartered in New Jersey, Veritext is supported nationally by over 500 independent contractors and more than 600 additional affiliate agencies. This enables Veritext to provide deposition and litigation services anywhere in the United States, as well as internationally. In addition to traditional deposition services such as daily-copy delivery, delivery through e-mail, condensed transcripts, conference rooms, interpreting of languages and video services, Veritext provides advanced services such as Internet document repository, Internet scheduling, real-time transcription and remote video transcription.

Media Contact

Stephanie Fraser
Marketing Consultant
The Riverside Company
Cleveland: +1 216 344 1267
London: +44 20 3077 1923