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(Reuters) – HBR Consulting, which works with law firms and corporate law firms, is splitting its core business into two entities as private equity firm Renovus Capital acquires a portion of the company, the legal team’s counsel said Tuesday.
Renovus is investing an undisclosed sum in HBR’s consulting business, which will be separated and operated separately from the company’s information technology and management services businesses. The contract took effect on November 10.
Matt Sunderman, president of HBR’s consulting business, will serve as chief executive officer of the consulting company.
Sunderman said in an interview that the company decided to separate the consulting and IT management services businesses into two organizations as each grew and addressed different questions for customers. different staff positions.
The company said in a statement that the consulting business has seen a “strong market need” for a specialist consulting shop for law firms and legal departments over the past two years.
Sunderman said the company has a “niche and special focus” on serving law firm clients, but for “some of the other entries in the market, this is one of many things they do.” He did not identify the contestants.
Other players, including four accounting firms, have increasingly pushed into the world of legal services around the world and in the United States, including consulting and management services.
Sunderman said the consulting side will “separate” from other businesses and retain the HBR Consulting brand, for now. It will join Renovus’ legal base and later explore whether it will “create an integrated brand” with Renovus’ other investments, he said.
Renovus, a Philadelphia-based private equity firm said to focus on the education and talent industries, was invested in legal services in July between Wilson Allen and LAC Group, two companies that work together and law firms.
Meanwhile, as a result of the split, HBR co-founders Christopher Petrini-Poli and Nicholas Quil will serve as executive chairman and chief executive, IT business and management services and Keno Kozie, an acquired legal IT firm per HBR in 2021 . Those businesses will be named in the next few months, Sunderman said.
Petrini-Poli and Quil will serve as advisors to the HBR Consulting board and will be “extremely beneficial” to the new organization, the company said.
Jesse Serventi, co-founder of Renovus, said in an interview that there is a “division” in the legal advisory industry, and that the private equity firm sees an opportunity to build HBR through additional acquisitions. and plant growth.
Serventi declined to comment on the financial terms of the deal.
The consulting business offers services across four areas to law firms and companies, Sunderman said, including strategy and operations, business and digital transformation, technology assessment and delivery, and customer management.
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