Tampa’s ProVest Acquired By Boston Private Equity Firm
Source: Tampa Bay Business Journal, Crystal Owens
Photo: Nonantum Capital Partners announced the acquisition of ProVest as its first deal for the firm since it set up headquarters in Boston in 2018.
(GETTY IMAGES, ANDY ROBERTS)
A Tampa legal support services firm has been acquired by a Boston middle-market private equity firm.
Nonantum Capital Partners announced the acquisition of ProVest as its first deal for the firm since it set up headquarters in Boston in 2018.
Terms of the deal were not disclosed.
“ProVest is a market leader with strong compliance capabilities, deep customer relationships, and an expansive network of process servers built over nearly three decades,” said Jon Biotti, managing partner of Nonantum, in a statement. “As investment partners, we look for business leaders and owners with passion, vision and drive. We have found such a partner in ProVest and are proud to welcome them into the Nonantum family, as we build on their legacy in the years to come.”
Nonantum was founded by a team of private equity and management executives as a spin-out from Charlesbank Capital Partners. The firm focuses on investing in family-and founder-owned businesses, corporate carve-outs and complex situations where personal partnership is important and opportunities exist for significant equity value creation. The firm seeks to invest $25 million to $75 million of equity per company, according to a release.
“Our decision to partner with Nonantum was heavily influenced by the strength of the relationship we have formed with their team,” said ProVest CEO Jim Ward in a statement. “We are eager to leverage the talent, expertise and dedication of the Nonantum team. Their strategic thinking and experience in building and growing businesses organically and through acquisition will help propel ProVest forward in the years to come.”
ProVest’s services include service of process, skip trace, loss mitigation, mortgage borrower location, foreclosure sales, military search, document retrieval, death certificates and heir and probate searches. The firm has a footprint of more than 2,000 process servers nationwide.
Lincoln International acted as financial advisor to ProVest. Goodwin Procter and Covington & Burling both advised Nonantum in the transaction.