Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, has partnered with management to complete the acquisition of Revenew International from Profit Technologies.
Revenew, based in Houston, Texas, is a cost recovery solutions firm which offers contract compliance, supplier payment review and process auditing.
The company serves a blue-chip client base that includes 37 Fortune 500 companies and has a dominant position in the energy and utility sectors.
Revenew is the fifth investment from Levine Leichtman Capital Partners IV, a USD1.1bn private equity fund.
Lauren Leichtman, co-founder and chief executive of LLCP, says: "We are delighted to partner with John Birks and the rest of the Revenew management team in making this acquisition. Revenew employees have deep and broad experience and offer a significant value proposition to its longstanding customers. We believe Revenew will continue to build on its industry leading position in the cost recovery market in the years ahead."
Alongside LLCP, John Birks, the co-founder and president of Revenew, and the senior management made a significant investment in the company. Birks and Kris Westbrook will continue to lead the company.
Birks says: "We sincerely believe partnering with LLCP gives us the opportunities to take this company to yet another level together. And to see each of my leaders being given the opportunity to participate in the ownership of the company provides great satisfaction knowing that they now can share in what they are building. LLCP seems like a genuine caring successful organisation that we can trust and count upon. We are very excited about the future and working together with LLCP."
