Leeds Equity-backed Covenant Review acquires CapitalStructure

Covenant Review, which is backed by Leeds Equity Partners, has acquired London-based CapitalStructure, a provider of news and analysis of the European sub-investment grade space. No financial terms were disclosed.

PRESS RELEASE

NEW YORK, May 19, 2015 /PRNewswire/ — Covenant Review, the authority on bond and loan covenants, and its majority shareholder, Leeds Equity Partners, the New York-based private equity fund focused exclusively on investing in the Knowledge Industries, announced today the acquisition of CapitalStructure. Terms of the transaction were not disclosed.

London-based CapitalStructure is an independent provider of insightful first-to-market news on and analysis of the European sub-investment grade credit universe to a broad client base of asset managers, private equity sponsors, investment bankers, restructuring advisors, lawyers, and accountants. The company was founded in 2008 by CEO Sarah Goodchild and Global Head of Special Situations Minaxi Kesra. The founders will continue to operate the business to their vision of editorial excellence for actionable market intelligence, and expand their coverage into the U.S.

Covenant Review CEO Adam Cohen explained that: “The CapitalStructure deal is a big part of why we chose to bring in Leeds Equity as partners last year – for their capacity to support us in our strategic initiatives. We are delighted to have partnered with Sarah and Minaxi. They have created a phenomenal business from the ground up, just as my partner Paul Ciasullo and I did in developing Covenant Review. Our team is thrilled to be working with such passionate people to continue building the world’s most trusted authority in fixed income research, data, and analytics.”

Ms. Goodchild elaborated: “For the past seven years, CapitalStructure has forged deep relationships with the buyside and sellside in Europe. Our sources know that we can be reliable partners and our customers know us as the most trusted information source in the space because of our strict editorial policy of multiple sourcing of key information to ensure accuracy. This transaction positions us to bring that same level of service to the U.S. market.”

Covenant Review and CapitalStructure are actively hiring research analysts and journalists and evaluating additional acquisition opportunities.

About Covenant Review
Covenant Review was founded in 2006 by Adam Cohen, a noted capital markets lawyer, and grown in partnership with Paul Ciasullo, a founder of CreditSights, to provide institutional investors and other bond and loan market participants with unparalleled understanding of the legal documentation governing their securities investments. The New York based firm is relied upon by fixed income professionals worldwide as the authority on bond and loan covenants. Customers use Covenant Review’s services as risk management tools, sources of investment ideas, benchmarking tools to compare deal structures and investment process and workflow management solutions.

About CapitalStructure
CapitalStructure is an independent provider of insightful first-to-market news on and analysis of the European sub-investment grade universe to a client base of fund managers, credit analysts, private equity sponsors, investment bankers, restructuring advisors, traders, lawyers and accountants. CapitalStructure was conceived and backed by banking and investment professionals who understand the value of timely and well-researched information. Despite launching in 2008 amid the most challenging of market conditions, it quickly became the most trusted information source in the space by adhering to a strict editorial policy of multiple sourcing of key information to ensure accuracy. The CapitalStructure team comprises former bankers, credit analysts and financial journalists, the majority of whom have more than 10 years of experience covering their specialist areas.

About Leeds Equity Partners:
Leeds Equity Partners, LLC, is a New York-based private equity firm focused exclusively on investing in the education, information services, software, technology-enabled business services and training industries (the “Knowledge Industries”). The firm was founded by Jeffrey T. Leeds and Robert A. Bernstein in 1993 and has raised and managed more than $1.1 billion of capital across five funds.
The Board of Advisors of Leeds Equity Partners includes: Chairman General Colin L. Powell, former Secretary of State, National Security Advisor and Chairman of the Joint Chiefs of Staff; Vice Chairman Gaston Caperton, a former President of the College Board and a former two-term Governor of West Virginia; Tim J. Fitzpatrick, the former CEO of Sallie Mae Corporation; Thomas F. (“Mack”) McLarty III, President of McLarty Associates and former White House Chief of Staff under President William J. Clinton; Dr. Barry A. Munitz, former Chancellor of the California State University school system and CEO of the J. Paul Getty Trust; Guillermo Nigaglioni, President and CEO of Instituto de Banca y Comercio, Inc.; Richard W. Riley, former Secretary of Education under President William J. Clinton and two-term Governor of South Carolina; Alec Ross, former Senior Advisor for Innovation to former Secretary of State Hillary Clinton; and Timothy P. Shriver, Chairman of the Board of the Special Olympics.

For additional information on Covenant Review, see
http://www.covenantreview.com/

For additional information on CapitalStructure, see
http://www.capital-structure.com/

For additional information on Leeds Equity Partners, see
http://www.leedsequity.com/