OC&C Strategy Consultants advises Quadrant on LegalVision stake
Private equity firm Quadrant has continued its professional services sector play by picking up a stake in ‘NewLaw’ innovator LegalVision – again with the support of OC&C Strategy Consultants.
LegalVision was established in Sydney in 2012 with a focus on online legal documents before quickly evolving into a full-blown tech-driven commercial law practice and more recently expanding its membership model into New Zealand and the UK.
The ‘New Law’ firm becomes the latest purchase Quadrant has made in the professional services sector in recent times, including environmental advisory EMM Consulting at the end of last year, with OC&C Strategy Consultants also serving as a frequent adviser.
“Led by Lachlan McKnight and an exceptionally strong management team, LegalVision is an innovator in global legal services,” stated OC&C, which collaborated on the engagement across its Australian and UK offices. “Quadrant’s investment will support LegalVision in scaling its subscription-based model by expanding its team, technology, and product offerings.”
The stake in LegalVision marks Quadrant’s first outlay from its third growth fund, which closed toward the end of last year with $660 million raised. While the finer details of the deal weren’t disclosed, the fund is said to target investments of between $50 million and $100 million, with a focus on tech-related companies and those in the healthcare and consumer sectors.
The now nearly two-decade old private equity firm’s first growth fund is noted for the mammoth exit of digital consultancy ARQ, which sold to NCS for $290 million in 2022, while Quadrant’s second growth fund features the cloud roll-up Connetico (comprising Cevo, Arinco and D6 Consulting) alongside a trio of Kiwi cyber firms now under a Bastion banner.
The M&A strategic advisory and commercial due diligence team from OC&C also worked on that latter deal, which was executed in 2023, as well sale-side on Quadrant’s hand-off of Australian pet food company Prime100 to global giant Colgate-Palmolive earlier this year, with the retail & consumer goods domain a particular focal point of OC&C’s wider expertise.
Quadrant investment director Peter Elkhouri said the firm had been tracking LegalVision’s progress for some time; “We have been highly impressed by the team and the way they are disrupting the large and fragmented market. The business now has more than 4,500 active clients and is growing at more than 30 percent per annum through its technology-driven model.”
OC&C has now had a hand in more than 500 acquisitions globally over just the past five years. Mirroring the earlier Bastion and Prime100 transactions, the strategy firm supported Quadrant on the latest LegalVision deal alongside PwC, as well as law firm Corrs Chambers Westgarth, while Allier Capital and Gilbert + Tobin were among those serving on the sell-side.
“Thanks to Quadrant for trusting us, once again,” OC&C stated, with UK-based partner Fred Ward adding; “Always a pleasure to work with my Australian colleagues but this was a particularly exciting deal to be a part of. Law is set to be the next professional services segment to see significant private equity investment, with both disruptive and more traditional players set to benefit.”
