Livingstone Acts as Exclusive Advisor to Advocate Solutions, LLC in Sale to TZP Group
Livingstone’s Media & Technology sector team is pleased to announce the sale of Advocate Solutions, LLC., to TZP Group. The firm acted as the exclusive financial adviser to Advocate. The transaction represents an exciting platform investment for TZP.
Advocate Solutions, LLC is headquartered in Columbus, OH, and is a leading IT services firm providing a broad set of management, technology, and unified communications consulting services to state and local governments. Advocate specialises in helping clients, which include the Health and Human Services, Medicaid, Education and Transportation agencies, with high-profile, mission-critical projects through active management of their IT portfolios, unified communications, quality processes and organisational change.
TZP Group is a middle market private equity firm focused on investments in the business and technology services sector. Verticals include: franchising, outsourced business and IT services, marketing and media services, travel and hospitality, real estate services and speciality finance. TZP Group has grown a network of relationships with intermediaries and operating executives in effort to identify companies with unrealised growth opportunities.
Alan Dillman, Partner at Advocate, said: “Livingstone was instrumental in advising our management team throughout the process. Their expert knowledge and collaborative approach allowed us to navigate the process and make key decisions that benefited both parties in the transaction.”
Livingstone was integrally involved in each step of the process, guiding Advocate Solutions management with expert knowledge. Livingstone’s rigorous and disciplined approach helped ensure the transaction was a success for all involved parties.
Advocate Solutions was attracted to Livingstone’s deep sector knowledge in IT Services. Livingstone’s extensive insight and networks highlighted Advocate’s unique capabilities and growth story to attract a diverse group of highly motivated buyers, driving a competitive and efficient process to a successful close.
Brennan Libbey commented: “We enjoyed working with Advocate and look forward to the next chapter. Advocate has established a very strong position in the state and local consulting market and with TZP’s expertise and partnership has many potential areas for growth.”
Taft Stettinius & Hollister LLP served as legal counsel to Advocate Solutions. TZP Group was represented by Kirkland & Ellis LLP.