Angelo, Gordon & Co. has completed the sale of Global Compliance Services Inc. to ELT Holding Co. ELT is a portfolio company of the Riverside Co. Terms of the deal were not released.
Angelo, Gordon & Co., L.P. (the “Firm” or “AG”) announced today that the Firm’s Private Equity Group has completed the sale of Global Compliance Services, Inc. (“Global Compliance”), a leading provider of integrated compliance solutions, to ELT Holding Company (“ELT”), a portfolio company of The Riverside Company. Terms of the deal were not disclosed.
Founded in 1981, Global Compliance introduced the industry’s first ethics and compliance reporting hotline. Today, Global Compliance provides a comprehensive suite of products and services to help its clients create and maintain a culture of ethical and compliant behavior. Global Compliance was purchased by AG’s Private Equity Group (“AGPE”) in 2003 as AGPE sought to capitalize on the trend of regulatory and governance changes that was transforming corporate America. Global Compliance has consistently grown its blue-chip client base as it continues to expand upon the services that it offers its customers. Additionally, Global Compliance’s group of seasoned senior executives, led by Chief Executive Officer Jim Burke, have built an integrated platform capable of servicing many of the compliance-related needs of its clients.
“The completion of this sale represents an excellent outcome for our investors and our management partners,” said David Roberts, a Senior Managing Director of AGPE. “In an environment where risk-mitigation continues to be an increasingly critical component to the success of every company, Global Compliance has proven itself as an industry leader.”
“Working with the private equity team and having access to the substantial resources of the overall Angelo, Gordon platform was instrumental in helping us attain the level of success we’ve achieved,” said Jim Burke. “AG not only helped guide us in our strategic and financial development but also brought us new customers through the utilization of its network, advised us on corporate real estate decisions and helped identify the ways in which we could expand the breadth of our product offering.”
AGPE makes equity investments ranging from $50 million to $500 million. Sector focus includes business services, financial services, healthcare, and consumer/retail.
“The sale of Global Compliance highlights our Firm’s ability to partner with talented management teams in growth industries and help these companies achieve a successful exit,” said Arthur Peponis, Co-Head of AGPE. “We actively seek out opportunities to invest in companies and industries that have a strong track record of growth. This investment strategy will continue to be an area of focus for our Private Equity Group going forward.”
Harish Nataraj, Vice President, and Jeffrey Price, Associate, also worked on the transaction with Roberts and Peponis and were instrumental contributors to the success of this investment. Oppenheimer & Co., Inc. acted as the financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to Global Compliance.
About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held alternative asset manager founded in 1988, and currently manages approximately $22 billion. The Firm manages a broad range of absolute return strategies across credit, real estate and private equity markets for both high net worth and institutional investors. Angelo, Gordon has over 200 employees (approximately half of whom are investment professionals) and is headquartered in New York, with associated offices in Chicago, Los Angeles, Washington D.C., London, Hong Kong, Seoul, Shanghai, Tokyo, and Sydney. For more information, visit www.angelogordon.com.
About Global Compliance Services, Inc.
Global Compliance is the leading global provider of integrated corporate governance, risk management, compliance solutions and ethics training, including the industry’s first and largest whistleblower hotline and case management software solution supporting over 25 million customer employees in more than 200 countries and territories every day. Global Compliance’s global whistleblower hotline database of over 3 million records is also the largest proprietary source of ethics and compliance benchmarking information.