Leeds Equity Partners has ended its ten-year hold of law education specialist Barbri through a sale to fellow private equity firm Francisco Partners.
Barbri was picked up by Leeds Equity in 2011 in a buyout from Thomson Reuters, when the company specialised in bar review test preparation.
Under Leeds’ ownership the business has expanded to provide more complete education services to potential and existing lawyers in the US and UK.
Barbri CEO Steve Fredette said, “When I first partnered with Leeds Equity over a decade ago, I was attracted to working closely with a firm that not only had significant capital but, most importantly, had a track record of deep immersion in the education sector and a commitment to strategically building businesses for the long term.
“With the strategic, long term partnership of Leeds Equity, we have built BARBRI into the clear global leader in legal education and workforce development and are now positioned to help millions of students and professionals succeed in law school, obtain employment and advance in the workplace.”
Centerview Partners and Robert W Baird served as financial advisors and Latham & Watkins served as legal counsel to Leeds Equity Partners.
Leeds launched its seventh flagship fundraise early last year eyeing up to $1bn, well above the $750m it gathered for Fund VI two years earlier.
The firm had passed that $1bn target by December last year according to Buyouts, which said it was eyeing its $1.25bn hard cap for a Q2 2021 close.
Tech-focused Francisco Partners raised nearly $10bn across a trio of new funds last summer.
The firm wrapped up fundraising for its sixth flagship fund on $7.45bn according to the Wall Street Journal, which added that the firm had also raised about $1.5bn for its second Agility Fund targeting smaller tech deals.
Francisco also collected $750m for its debut credit strategy, the report added.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/leeds-equity-ends-10-year-barbri-ownership-with-sale-to-francisco-partners.html
