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Riverside sells court reporting firm Veritext

Private equity firm Riverside has sold court reporting firm Veritext, generating a 5.1x cash-on-cash return.

Based in Florham Park, New Jersey, Veritext provides court-reporting services to law firms, large insurance companies, Fortune 500 corporations and regulatory agencies.

It captures testimony given during depositions for litigation ranging from local negligence cases to global, complex commercial litigation cases.

During its five-year hold period, Riverside developed Veritext into a national company through organic growth and providing necessary capital to make 13 acquisitions.
 
The sale of Veritext generated a 38 per cent gross IRR for Riverside.
 
Andrew Strauss, Riverside portfolio partner, says: “It was wonderful to help Veritext grow dramatically larger and more profitable, by developing new tools, solutions and approaches that better serve its customers and make it a stronger company. By helping Veritext grow through strategic add-on acquisitions and providing support and strategic ideas for increasing revenues, we leave Veritext bigger, better, and poised for future success.”

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