Bowmark sells LBR to Levine Leichtman

Financial details of the transaction remain undisclosed, though unquote" sister publication Mergermarket recently reported the deal could value the business at 10-11x its £10-12m EBITDA.

Under the vendor's five-year tenure, LBR has launched two new titles – Global Investigations Review and Global Restructuring Review – and expanded its remit into new territories. It has also launched a workflow application called Arbitrator Research Tool, invested in technology and opened new international offices.

According to a statement, the business has more than doubled its turnover and profits during the holding period, as well as expanding its headcount by 80%.

Previous funding
Bowmark acquired LBR in February 2013 with capital drawn from its £265m fourth fund.

Company
Founded in 1996 and headquartered in London, LBR publishes research, data and analysis on international business law and legal markets. It publishes under various brands and has particular focus on competition law, arbitration law, cross-border investigations and Latin American corporate law.

According to the publicly available documents, LBR generated a turnover of £17.9m in the year ending in November 2016, with an operating profit of £5.7m.

People
Bowmark Capital – Julian Masters (senior partner).
Law Business Research – Paul Howarth (CEO).

Advisers
Vendor – DC Advisory (corporate finance).
Management – Livingstone Partners (corporate finance).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Media
• United Kingdom
• Bowmark Capital LLP
• Secondary buyout
• DC Advisory Partners
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