HBR Consulting sells advisory practice to Renovus Capital Partners
HBR Consulting, a Chicago-based consultancy focusing on the legal sector, has sold its advisory business to private equity firm Renovus Capital partners. Financial terms of the deal, which closed November 10, were not disclosed.
The transaction will see HBR – which has 360 employees on LinkedIn – split into two independent businesses, with Renovus-owned HBR Consulting on one side and the IT, managed services, and Keno Kozie businesses on the other. Keno Kozie is a legal IT consultancy HBR acquired last year.
The new HBR Consulting, which will retain the firm’s branding for now, comprises practices in strategy and operations, business and digital transformation, technology assessments and deployment, and vendor governance catering to law firms and legal departments.
The transaction will also result in executive leadership changes. Matt Sunderman, former president of the advisory business, will become CEO of HBR Consulting. He will be joined by Kevin Clem, chief commercial officer; Lauren Chung, chief practice officer and strategy & operations practice leader; and Chris Ryan, executive vice president of client development.
HBR co-founders Christopher Petrini-Poli and Nicholas Quil will become chairman and CEO, respectively, of the IT, managed services and Keno Kozie businesses. They will also serve as advisors to the HBR Consulting board.
The IT, managed services, and Keno Kozie businesses will initiate a review of their go-forward branding in the coming months.
"We're proud of the remarkable growth and variety of businesses we have built and incubated over the past 10 years,” Petrini-Poli said. “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."
Renovus, a Philadelphia-based PE firm focusing on the knowledge sector, in July purchased and merged together legal services consultancies Wilson Allen and LAC Group. Wilson Allen had 120+ employees across North America and the UK and provided IT services to law firms; LAC Group had 220+ employees and provided research and intelligence expertise to legal and corporate clients.
The HBR transaction builds upon Renovus’ entry into the fragmented legal consulting industry.
"The legal industry remains in the early stages of digital and operational transformation," said Jesse Serventi, founding partner at Renovus. "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."
Lee Minkoff, principal at Renovus, added, "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."
Founded in 2010, Renovus invests in businesses in education and training, healthcare services, technology services, and professional services. The firm manages approximately $1 billion in investments and has a portfolio of more than 20 US-based businesses.
The firm last month acquired Premier International Enterprises, a Chicago-based data consultancy.
Renovus last year invested in Thought Logic Consulting, an Atlanta-based provider of management and technology consulting services, and LeapPoint, a Reston, VA-based provider of work management technology consulting. The private equity firm also divested its majority stake in KSM Consulting, retaining a minority stake.
