- Houlihan Lokey served as financial advisor to Odyssey while Harris Williams LLC served as financial advisor to Magna
- Magna CEO Mark Williams will remain in his role
- Odyssey has raised over $8.2 billion of private equity capital since inception
Odyssey Investment Partners has agreed to acquire Philadelphia-based Magna Legal Services, a litigation support services provider, from CIVC Partners. No financial terms were disclosed.
The deal is expected to close in the fourth quarter of this year.
Magna provides litigation support services to over 13,000 law firms, corporations, insurance carriers, and government agencies.
The existing senior management team, including CEO Mark Williams, founders Mark Calzaretta and Peter Hecht, as well as Jon Ackerman, Tony Vaglica, and Matt Chiappa will continue to lead the company and have invested alongside Odyssey in the transaction.
Jeff Moffett, a managing principal at Odyssey, said in a statement, “Magna is a compelling opportunity to build on Odyssey’s successful history of investing in network-based and outsourced business services companies. The Company provides vital services to the litigation process, the demand for which is steady, predictable, and typically uncorrelated to economic cycles. Magna has a proven ability to generate growth in excess of the market as a result of its professional and entrepreneurial culture, cross-selling capabilities, and impressive track record of executing strategic acquisitions.”
Houlihan Lokey served as financial advisor to Odyssey while Latham & Watkins LLP served as legal counsel. Harris Williams LLC served as financial advisor to Magna while Ropes & Gray LLP served as legal counsel.
Based in Chicago, CIVC has invested over $2 billion in 76 platforms, primarily as growth and buyout capital. The private equity firm baacks middle-market companies mainly in the business services sector.
Odyssey Investment Partners, with offices in New York and Los Angeles, has raised over $8.2 billion of private equity capital since inception.