Permira Advisers Ltd. completed the acquisition of a stake in LegalZoom.com, Inc. from LegalZoom's management team, Institutional Venture Partners, Polaris Venture Partners and other investors.
February 14, 2014 at 09:30 am IST
Share
Permira Advisers Ltd. signed an agreement to launch an offer to acquire an unknown stake in LegalZoom.com, Inc. for approximately 160 million on December 30, 2013. LegalZoom's management team will maintain ownership in the Company. other large shareholders, including Polaris Venture Partners, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers will maintain their ownership. Following the close of the transaction, Permira will be LegalZoom's largest shareholder and will have the right to appoint a majority of the Board of Directors of the Company, which will include Brian Ruder, Partner at Permira, and Dipan Patel, Principal at Permira. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the first quarter of 2014. Brooke Gordon and Nathaniel Garnick of Sard Verbinnen & Co acted as public relations advisors for Permira Advisers Ltd. Justin O'Neill of Access Communications acted as public relations advisor for LegalZoom. Robert Schwenkel, Brian Mangino, Jeffrey Ross, Lisa Bebchick, David Hennes and Alan Kaden of Fried Frank Harris Shriver & Jacobson LLP acted as the legal advisors to Permira. Tom Hopkins, Ian Smith, Renee Deming, Francis Fryscak, Jeremy Naylor, Melika Martin, Sara Dale, Aaron Binstock, Nicole Miller and Katherine Decker-Sadowski of Cooley LLP acted as legal advisors for LegalZoom.
Permira Advisers Ltd. completed the acquisition of a stake in LegalZoom.com, Inc. from LegalZoom's management team, Institutional Venture Partners, Polaris Venture Partners and other investors on February 14, 2014. The Permira funds are now LegalZoom's largest shareholder and will appoint a majority of the LegalZoom.com's Board of Directors. LegalZoom's management team and Institutional Venture Partners have maintained the vast majority of their ownership stakes in LegalZoom.com while Kleiner Perkins Caufield & Byers has maintained its entire stake. Polaris Venture Partners maintained a portion of its ownership in the Company.
LegalZoom.com, Inc. provides an online platform for business formation in the United States. The Company is a business advisor, supporting the needs of a new business throughout its lifecycle. Its platform includes professional expertise and other products, both legal and non-legal, to meet the needs of small businesses. It delivers comprehensive legal, tax, accounting and compliance products and expertise to small business owners and their families. Its offerings include ongoing compliance and tax advice and filings, business licenses, accounting, virtual mailbox and e-signature solutions, trademark filings, and estate plans. Additionally, it has insights into its customers and leverages its offerings as a channel to introduce small businesses to brands in its partner ecosystem. Its transaction products for small businesses include business formation, intellectual property, and tax services. Its transaction products for consumers include consumer, estate planning and other.
Permira Advisers Ltd. completed the acquisition of a stake in LegalZoom.com, Inc. from LegalZoom's management team, Institutional Venture Partners, Polaris Venture Partners and other investors.