Oct. 20, 2022: GuideCap Sells Valuation Unit to Scalar
Plus, Odyssey acquires legal services businesses, and Antares grants $1 million to underrepresented entrepreneurs
Read the top headlines for Thursday, October 20, 2022 below:
Odyssey Acquires Legal Services Business Magna
Middle-market private equity firm Odyssey Investment Partners announced its acquisition of Magna Legal Services, which provides litigation support services to law firms, corporations and others. Odyssey acquired the business from CIVC Partners, the press release noted; CIVC partner Scott Schwartz commented on the firm’s support for Magna growth over the last four years through add-on acquisitions and organic growth. Odyssey did not provide details on its plans to continue that growth for Magna, but managing principal Jeff Moffett did note that the company is “an exceptional business to build a unique legal services platform.”
Antares Grants $1 Million to Underrepresented Entrepreneurs
Antares, a private debt credit manager and provider of financing for middle-market private-equity backed businesses and their investors, announced it has awarded grants totaling $1 million to underrepresented entrepreneurs as part of its REACH program. First launched last June, REACH is the result of a partnership with the Global Entrepreneurship Network and Hello Alice. The initiative provided $20,000 grants to 40 entrepreneurs of early-stage small businesses.
According to Antares’ announcement, of the 100,000 applicants for the grants, 90% were from entrepreneurs of color, while 88% were female or gender non-conforming. The grants will be used to expand product lines and geographic footprints, while also aiming to make a positive impact on local communities.
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Scalar Acquires Valuation Division of Mid-Market Investment Bank GuideCap Partners
The valuation division of middle-market investment bank GuideCap Partners, which specializes in mergers and acquisitions as well as in primary capital financings, has been acquired by Scalar LLC, a press release announced. Scalar, a valuation firm for tax, financial reporting and other purposes, will continue to service existing GuideCap clients as it integrates its offerings.
“We’re excited to integrate GuideCap’s private equity-focused offering into Scalar’s business,” stated Scalar CEO Zak Nugent in a statement. “GuideCap has built a customer base of some of the largest and most prestigious private equity firms in the U.S.”
In another statement, GuideCap founder and managing partner Kevin Ainsworth said that the firm will now be able to focus on its core investment banking business following the sale.
