Private equity investment firm Pamplona Capital Management has acquired VText Holdings from Investcorp which acquired the business in 2010. Terms of the transaction have not been disclosed.
Veritext, headquartered in Livingston, New Jersey, is the leader in deposition and litigation support solutions in the United States. Veritext provides law firms and corporations with national coverage, state-of-the-art facilities, highly skilled court reporters, advanced technology, unparalleled client service and on-time delivery. The Company utilizes the latest, easy-to-use technologies to streamline the deposition process, enhance delivery flexibility, and reliably handle the most complex cases. Proprietary video, mobile and remote services combined with unmatched security help to ensure that Veritext clients have the best tools available and the confidence of working with the market leader.
Nancy Josephs, Chief Executive Officer of Veritext, says: "We are extremely excited to work in partnership with Pamplona to continue to grow Veritext as the premier brand in deposition services. Our culture of best-in-class service and innovation has propelled Veritext into its current leadership position. We are thrilled about what the future holds and to collaborate with the team at Pamplona who share our vision of transformation and growth."
William Pruellage, the Partner at Pamplona leading the transaction, says: "Veritext is the leading provider of deposition services in the US and we look forward to working with CEO Nancy Josephs, CFO Richard Antoneck and the rest of the management team to support the continued growth of the Company going forward. Veritext is the gold-standard in deposition services with an industry-leading product and technology offering. Pamplona will work with management to accelerate the Company’s growth ambitions by providing long-term financial and strategic support. We believe that Veritext has significant opportunities to leverage its proprietary technology offering to continue to grow both organically and through accretive tuck-in acquisitions.”
The Veritext investment is being made from Pamplona’s fourth private equity fund, Pamplona Capital Partners IV, LP, a USD4 billion investment vehicle, raised in 2014. Pamplona received legal advice from Skadden Arps. The transaction was financed with a first lien term loan arranged by Madison Capital Funding, BMO and Antares Capital, as well as a second lien term loan arranged by Eaglehill, PennantPark and Babson Capital Management.