For Immediate Release
Waud Capital Partners Announces Acquisition of Litigation Support Service Provider
Lake Forest, Illinois, January 2004Waud Capital Partners, L.L.C. has completed the acquisition of a controlling interest in Compex Legal Services, Inc. (Compex or the Company), a California-based leading provider of outsourced litigation support services to customers which include law firms and insurance companies. The purchase was a private transaction between Waud Capital Partners, The Sprout Group and other selling shareholders. Compex, which was formed in 1972, provides document retrieval and litigation copying services, deposition reporting and process serving assistance. Document retrieval services, which today comprises the majority of the Companys revenue base, includes the retrieval, reproduction and delivery of claimant records (primarily medical) held by custodians such as hospitals and medical offices. In the past year, Compex processed over 480,000 orders for its customer base of more than 3,500 law firms and 500 insurance carriers.
Commenting on the transaction, Jeffrey Bachmann, Compexs Chief Executive Officer offered, We are extremely excited to welcome Waud Capital Partners as a major shareholder. We have a number of ideas on how we can continue to grow our business and we are confident that Wauds strategic insight and access to capital will significantly accelerate our growth. When asked to comment on the Companys successful history, Mr. Bachmann explained, The Companys success has principally been driven by its ability to execute customer orders in a timely and accurate manner, at a competitive price, while providing useful value-added services. Many law firms and insurance companies find that outsourcing these services results in faster response times and lower administrative costs. Additionally, our clients typically place higher value in the benefits of timely delivery of quality product over the actual cost of document retrieval, as tardy or incomplete fulfillment of customer orders can result in costly complications in the discovery process and sub-optimal settlements. We plan to let our level of service continue to differentiate us as we grow our business under the direction of our new partners.
Reeve Waud, Managing Partner of Waud Capital Partners said, We look forward to working with Compex to build upon its historic success and to fortify its reputation as one of the leading litigation support service providers in the states in which it operates. Further, we are particularly attracted to the opportunity to grow the Company by expanding its service offerings and geographic presence and through follow-on acquisitions. Most important, however, we are excited to have partnered with an experienced and motivated senior management team determined to take the Company to the next level.
About Waud Capital Partners, L.L.C.