BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today the sale of Frontline Managed Services, one of the world’s largest providers of managed services specifically geared for the legal industry, to Broad Sky Partners.
Founded in 1987, Frontline Managed Services is a leading global provider of white glove managed IT services and revenue cycle management solutions to over 800 law firms. Headquartered in St. Louis, Frontline has more than 1,000 employees across the globe, including U.S. locations in Toledo, Honolulu, and New York City as well as overseas in Toronto, London, Hyderabad, Goa and Cape Town.
Seelin Naidoo, Chief Executive Officer of Frontline, said, “BV’s operational experience and industry expertise was instrumental in our development over the past five years as we worked together to institutionalize and professionalize the company and bolster our standing in the industry. We are proud of the industry relationships we have established and our technology and solutions that help clients be more efficient and optimize their profitability. BV was the ideal partner to help us expand our presence globally and rebrand the business to better reflect Frontline’s service offerings and value proposition.”
Matt Kinsey, Managing Partner at BV Investment Partners, commented, “Our investment in Frontline was based on our conviction that we could create a differentiated market leader that would enhance customer success for its clients and establish a platform for M&A to accelerate growth. Our collaboration with Seelin and his team during BV’s ownership resulted in further investment in the business, a strengthening of the senior leadership and sales teams, and completion of four acquisitions that transformed the company. We are proud to have played a key role in further establishing Frontline as a trusted advisor to law firms and industry thought leader.”
“We are grateful for the partnership with such a strong and dedicated management team to help scale the business, expand service offerings and enter new geographies. There is still significant market opportunity ahead and we are confident Frontline is well positioned for the future,” said Sam Axelrod, Principal at BV.
Terms of the transaction were not disclosed. Guggenheim acted as the exclusive sell-side advisor and Ropes & Gray served as legal advisor to Frontline and BV on this transaction.
About Frontline Managed Services
Frontline Managed Services is the leading global provider of outsourcing solutions in the legal industry, including Administrative Managed Services, Financial Managed Services and IT Managed Services. Formerly known as Intelliteach, Frontline Managed Services connects its more than 800 law firm clients with administrative and IT services in ways that were never previously imagined, leading to an average 10-times return on investment and 40% reduction in overall operating expenses. Founded in 1987, Frontline Managed Services has approximately 1,000employees across locations in; St. Louis, Honolulu; New York; Toledo; Toronto; London; Goa, India; Hyderabad, India; and Cape Town, South Africa. For more information visit www.frontlinems.com.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $5.5 billion, actively targeting investments in the tech-enabled business services, software, and IT services industries. The firm is investing out of its 11th private equity fund, which closed in September 2023 with $1.75 billion in capital commitments. BV was ranked in Inc. magazine’s2023 list of Founder-Friendly Investors. For more information, visit www.bvlp.com.
