Leeds Equity Sells Fulcrum Financial Data To Fitch
Leeds Equity Partners, LLC, the New York-based private equity fund focused exclusively on investing in the Knowledge Industries, announced today the sale of Fulcrum Financial Data, LLC to Fitch Group. The transaction is subject to regulatory approval and terms were not disclosed.
Leeds Equity acquired Covenant Review in 2014 and made a series of strategic acquisitions to broaden the Company's solution set. These acquisitions included CapitalStructure Ltd. and PacerMonitor, LLC. The Company also launched LevFin Insights, LLC. The business was renamed Fulcrum Financial Data in 2016.
"The partnership with Leeds Equity has been incredibly rewarding," said Steve Miller, CEO of Fulcrum. "The sale to Fitch Group is a great outcome and the culmination of a fun and productive journey with the Leeds team – a journey characterized by collaboration, effective communication and transparency. I could not have asked for better partners."
Scott VanHoy, Managing Director of Leeds Equity Partners, said, "We were extremely fortunate to have Steve Miller as Fulcrum's steward. Steve's leadership, savvy and depth of industry experience were integral to properly executing our shared vision for Fulcrum. What started as a single solution is now a leading credit information platform with diversified credit securities coverage, content offerings and geographic scope. Fulcrum will be a strong catalyst for Fitch Group's leveraged finance franchise and we wish Steve Miller and the rest of the Fulcrum management team continued success."
"Our investment thesis for the Company was predicated on building scale and continuing Fulcrum's production of differentiated, value-added content. We balanced these initiatives through select acquisitions, measured market expansion and key personnel investments," said David Neverson, Vice President of Leeds Equity Partners. "It was a pleasure to partner with Steve Miller and his team and we wish them all the best."
Fulcrum represents one of Leeds Equity's many information services investments. Other current and historical investments in the sector include Simplify Compliance, a provider of information and compliance solutions, events and training, Evanta, a provider of executive development and collaboration solutions, and Ex Libris, a provider of automation solutions for academic, research and national libraries.
Houlihan Lokey, Inc. served as financial advisor and Goodwin Procter LLP served as legal counsel to Fulcrum.