Bowstring Advises Update, Inc. on its Merger with Conversion Capital
March 14, 2013 | Atlanta, GA
Bowstring Advisors is pleased to announce the successful merger of Update, Inc. (“Update”), with a subsidiary of Conversion Capital L.P. (“Conversion”). Bowstring Advisors served as a financial advisor to Update. Financial details of the transaction were not announced.
Update is a leading nationwide provider of outsourced legal services, including temporary legal staffing and discovery management services, to AmLaw 200 firms, Fortune 500 companies, and mid-market law firms and corporations. Update Legal primarily provides temporary staffing services for attorneys with sophisticated legal support to a broad range of industries and practices. Update Discovery provides a holistic approach to the Electronic Discovery Reference Model and discovery management cycle through a single, integrated discovery strategy as opposed to separate strategies for collection, processing, hosting, and review.
Conversion is a New York-based private investment group committed to providing expansion capital to assist exceptional businesses in accelerating their growth. The addition of Update expands Conversion’s outsourced legal services portfolio, which currently includes investments in TrialGraphix, Inc., and Driven, Inc.
Prior to the merger, Update was primarily owned by a fund affiliated with Brown Brothers Harriman & Co. (“BBH”), Gryphon Investors (“Gryphon”), as well as management. As a private equity fund manager, BBH has worked with a significant number of management teams running businesses at critical inflection points in terms of their growth and strategic development. Gryphon is a San Francisco-based private equity firm focused on making leveraged acquisitions of, and growth investments in, middle-market companies with experienced management.
The successful completion of this merger marks the third transaction completed by Bowstring Advisors in 2013.