Edgeview Partners is pleased to announce the sale of Veritext LLC (“Veritext” or the “Company”) to The Riverside Company (“Riverside”). Edgeview Partners served as the exclusive advisor to Veritext.
Veritext, based in Florham Park, New Jersey, is a leading provider of court reporting and related services to law firms, major insurance companies, and other Fortune 500 corporations. Veritext arranges for litigation services to capture testimony given during depositions, primarily in civil litigation and other legal proceedings. The Company operates seven offices in New York, New Jersey, Pennsylvania, Florida, and California, utilizing a network of more than 450 independent contractor court reporters to deliver its services. In addition, the Company maintains a national presence through affiliations with more than 500 court reporting firms and 9,000 individual court reporters to provide court reporting services across the country. Veritext’s shareholders included Babson Capital Management, LLC, an affiliate of Mass Mutual Life Insurance Company, and National City Equity Partners, who, in partnership with certain members of the management team and private investors, funded the initial creation of the Company.
Michael Sandler, President and Chief Executive Officer of Veritext, stated, “Edgeview conducted a very thorough process on behalf of Veritext and our shareholders. The firm’s professionals demonstrated a strong understanding of our business and the goals and objectives of our shareholders. Edgeview was instrumental through the entire life of the transaction in finding the right partner for us to accelerate the growth of the Company. This marks a second beginning for us - we are very pleased to partner with Riverside.”
The Riverside Company (www.riversidecompany.com) with offices in New York, Cleveland, Dallas, and San Francisco, is the largest private equity firm focused on the smaller end of the middle market and is one of the industry’s most experienced leveraged buyout investors. Riverside specializes in partnering with industry leaders that have strong management teams to build companies through acquisitions and value-added growth.
Edgeview Partners (www.edgeviewpartners.com) is a leading independent investment bank focused exclusively on the middle market. Edgeview’s professionals have closed over 200 transactions in 18 major industry groups, including diversified manufacturing, industrial services, business services, aerospace and defense, automotive, consumer products, health care, and building products.