Apax Partners said Nov. 5 that it acquired Lexitas. Financial terms weren’t announced. Trinity Hunt Partners is the seller. Lexitas, of Houston, is a technology-enabled litigation services provider in the United States.
Funds advised by Apax Partners to acquire Lexitas from Trinity Hunt
Investment to support Lexitas in accelerating growth through geographic and salesforce expansion, technology differentiation and M&A
Houston, Texas and New York, November 5, 2019 – Funds advised by Apax Partners (the “Apax Funds”) today announced the acquisition of Lexitas, a leading technology-enabled litigation services provider in the United States, from Trinity Hunt Partners and management / other Lexitas investors. Financial terms of the transaction were not disclosed.
Founded in 1987, Lexitas is a leader in deposition and records retrieval services for law firms, insurers and corporate legal departments. The company serves as a strategic litigation support partner for legal professionals for services including record retrieval, court reporting and legal videography. Lexitas is headquartered in Houston, Texas, and has a network of offices across the US.
The investment by the Apax Funds will support Lexitas in accelerating its growth through geographic and salesforce expansion, technology differentiation, and through strategic M&A.
Gary Buckland, CEO of Lexitas, stated, “We are very excited to partner with the Apax team as Lexitas continues to broaden its reach in the outsourced litigation services market. There is tremendous opportunity to expand the depth and quality of our offerings for our clients while continuing to support growth in the business through strategic acquisitions. We are proud to have partnered with Trinity Hunt in growing Lexitas to where it is today and look forward to an exciting future with Apax.”
Ashish Karandikar, Partner at Apax Partners, said: “Over the past few years, we have prioritized the deposition services and record retrieval market as an attractive investment area due to its growth and resilience during economic downturns. Within this space, Lexitas has established itself as a leading player thanks to its customer service and technology investments. We see numerous levers for growth available to Lexitas, including opportunities to expand into new markets. We look forward to working with Gary and his team to capture this potential.”
Deloitte Corporate Finance LLC served as financial advisor to the Lexitas investors in the transaction, while Katten Muchin Rosenman LLP served as legal advisor. The Apax Funds were advised by William Blair & Co (financial advisor), Ernst & Young (accounting and tax advice) and Kirkland & Ellis LLP (legal counsel).
Founded in 1987, Lexitas is a leading national provider of litigation support services to law firms and insurance companies. Services include medical record retrieval, court reporting and legal videography. For more information visit www.lexitaslegal.com.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
About Trinity Hunt Partners
Trinity Hunt Partners is a growth-oriented middle-market private equity firm focused on building founder and family-owned growth businesses into market leaders. Since its inception, Trinity Hunt Partners has raised funds with aggregate capital commitments of approximately $775 million. Trinity Hunt Partners has earned a reputation for working effectively with entrepreneurs to provide strategic, operational, and financial expertise to help elevate their companies to the next level of success. For more information, please visit www.trinityhunt.com