Private equity firm Renovus Capital has acquired HBR Consulting's Advisory business in the legal services vertical. The advisory service business will therefore split off from HBR's Information Technology (IT), Managed Services and Keno Kozie businesses. Financial terms of the deal were not disclosed.
This is technology M&A deal number 1,001 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
The assets that Renovus Capital acquired will be known as HBR Consulting. The acquired business will be led by CEO Matt Sundermanl. Key lieutenants include Chief Commercial Officer Kevin Clem; Chief Practice Officer Lauren Chung; and Executive VP of Client Development Chris Ryan.
Meanwhile, the remaining IT, Managed Services and Keno Kozie businesses (which were not acquired by Renovus) will explore a potential rebrand in the next few months. HBR co-founders Christopher Petrini-Poli and Nicholas Quil will lead the non-acquired business assets.
Renovus Capital Acquires Legal Services Consultancy
In a prepared statement about the deal, new HBR Consulting CEO Matt Sundermanl said:
“We’re looking forward to this next phase of our journey, which builds on our tremendous growth and further enables us to
support the legal industry’s advancement. Law firms and law departments are at a crossroads, facing a
complex competitive environment, rapidly evolving talent landscape and emerging operational challenges. This growth
investment will propel the HBR Consulting business forward to meet the industry’s increasingly pronounced strategic and
operational needs.”
Added Nicholas Quil, one of the go-forward leaders of the separate MSP business:
“This next chapter is designed to unlock additional growth opportunities for our people and clients, while staying true to the culture and community that HBR has developed for more than a decade,” said Quil. “As we move forward, we thank ou
colleagues who have contributed great efforts to make the firm a success, and our clients for their confidence and continued support over the years.”
Noted Christopher Petrini-Poli:
“We’re proud of the remarkable growth and variety of businesses we have built and incubated over the past 10 years. The
elevation of Matt, Kevin, Lauren and Chris into their new roles is one of the most rewarding outcomes for me personally. We look forward to partnering with Renovus and HBR Consulting’s executive leadership, and our clients, as we continue to create world-class solutions.”
Added Renovus founding partner Jesse Serventi:
“The legal industry remains in the early stages of digital and operational transformation. As we scanned the legal marketplace as part of our investments in LAC Group and Wilson Allen, HBR routinely came up as a firm at the cutting-edge of this movement.”
Concluded Lee Minkoff, principal of Renovus:
“HBR’s market-leading position is a result of its focus on building a top tier team, and we’re excited to partner with HBR leadership to further strengthen the company as the leading diversified legal services provider.”
Renovus Capital: Previous Private Equity Investments
Renovus has plenty of experience in and around the technology and services sectors. Earlier acquisitions include:
- October 2022: Premier International Enterprises, an MSP.
- April 2022: Digital transformation firm ProfitOptics.
- January 2021: Inflow Communications, an MSP. Then, Inflow acquired EPIC Connections in 2022.
- April 2019: KSM Consulting, a technology services and data analytics consultancy.
