BDC exits BigHand to Levine Leichtman

Los Angeles-based Levine Leichtman is currently investing from its sixth-generation fund, which closed on $2.5bn in January 2019. The fund invests in companies in both the US and Europe.

The management team will stay on following the transaction.

BigHand was a BDC II portfolio company. The fund closed on €353m in 2012 and has realised several assets to date, including Inspired Thinking Group and Phlexglobal. During BDC’s holding period, the company completed six bolt-ons.

Previous funding
In August 2006, LDC backed a management buyout for the company.

BigHand was acquired by BDC in a £48m buyout in 2012. LDC reported a 34% IRR, translating to a multiple close to 6x. Management remained invested in the deal as part of the transaction.

Company
Founded in 1995, BigHand is a provider of productivity and profitability software to the legal, healthcare and professional services markets. It supports more than 3,500 organisations globally from offices in London, Seattle, Chicago, Sydney, Eindhoven and Toronto.

The company generated revenues of £24.5m and an adjusted EBITDA of £10m in the year ending on 31 March 2019.

People
Bridgepoint Development Capital – Mark Stroud (partner).

Advisers
Vendor - Rothschild (corporate finance); Travers Smith (legal); EY (financial due diligence, tax).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Technology
• United Kingdom
• Bridgepoint
• Secondary buyout
• EY (Ernst & Young)
• Rothschild & Cie
• Travers Smith