ICG acquires significant stake in CPA Global
SOURCE: Press Release
DATE: Jan 29th, 2010
Intermediate Capital Group (“ICG”), a leading independent investor and fund manager, announces that it has acquired a significant minority stake in legal services firm CPA Global, investing alongside the company’s senior management team and the founding shareholders.
The acquisition has received the required approvals from CPA Global shareholders as well as the Jersey courts, which sanctioned a new Scheme of Arrangement that came into effect today. The terms of the transaction are not disclosed.
Founded in Jersey in 1969, originally to manage patent renewals, CPA Global has expanded over the years to become a multinational company that is the clear market leader in the global intellectual property (IP) services market and one of the world’s leading providers of broader legal services outsourcing, including litigation support, document review and contract management. The legal services outsourcing sector is expected to grow rapidly over the next few years, with estimates of the potential market value in the tens of billions of dollars.
CPA Global’s Chief Executive Officer, Peter Sewell, said: “This is a very exciting time for CPA Global and everyone involved in the company. It represents the next stage in our evolution from an IP partnership handling patent renewals into a global leader in IP and legal services outsourcing. Our growth prospects in the years ahead are the strongest we’ve ever seen as we continue to develop our IP services and software businesses with an expanded range of products and services, while aggressively pursuing our diversification into the wider legal services sector. This sector is really taking off as corporate clients are increasingly turning to outsourcing providers for alternative, more cost effective ways of managing their legal work. CPA Global is already recognised as a pacesetter in legal outsourcing, working with many major international corporations around the world, and, with ICG’s backing and support, we will be even better positioned to take advantage of the opportunities ahead.”
Piers Millar, Head of ICG Minority Partners, said: “Peter and the management team have built a fantastic business over the past decade gaining market share and developing new business areas. We believe CPA Global has a very exciting future and we are really delighted to be supporting them in their ongoing development.”
CPA Global was advised by BDO Corporate Finance. ICG was advised by HSBC and Close Brothers.
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