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Private Equity Firm Acquires First Advantage for $265 Million

By Brad Jenkins

CoreLogic in Santa Ana has spun off and sold for $265 million its employer services and litigation support businesses to Symphony Technology Group, a Palo Alto private equity firm, PEHub reports.

The newly spun-off entity is named First Advantage. CoreLogic will retain its remaining businesses. It is an all-cash transaction. CoreLogic, which owns the nation's largest database on real estate and consumer data, was itself spun off in November 2009 by First American Corp., real estate data giant in Santa Ana.

CoreLogic announced in August its intent to sell its employer services and litigation support businesses. "The successful sale of these businesses represents a significant milestone for CoreLogic," said Anand Nallathambi, president and CEO of CoreLogic. "These are valuable businesses with good growth potential, but we determined that they do not have a long-term strategic fit within CoreLogic. We are pleased with the outcome of the sales process and are confident that STG will build on the market-leading position held by these businesses. "He added that CoreLogic intends to use the proceeds from the sale to buy other companies that are a better strategic fit.

Symphony Managing Partner Bill Chisholm said, "First Advantage has a long history of providing a comprehensive suite of solutions to customers in its core markets. We are delighted to partner with the management team to build a leading HR and legal information- and technology-enabled services company.

"Macquarie Capital advised CoreLogic in the sale process for the First Advantage businesses.

Full post as published by Litigation support industry business news and information on January 05, 2011 (boomark / email).