Tuesday, July 31, 2018

LegalZoom Sells $500M Secondary Stake To Private Equity Investors

Glendale-based LegalZoom, which provides legal services and documents for the small business and family market, announced on Tuesday that it has sold a $500M secondary stake in the company to a set of private equity investors. LegalZoom said the investment round was led by Francisco Partners and GPI Capital, and also included Franklin Templeton and Neuberger Berman. The secondary stock sale reportedly values LegalZoom at more than $2 billion. LegalZoom said that Permira, which had been the firm's largest shareholder, still remains the largest investor in the company; the company also said Bryant Stibel--the investment fund of Jeff Stibel and Kobe Bryant--will retain its entire ownership stack, with Kleiner Perkins and Institutional Venture Partners (IVP) will also retain the majority of their ownership stakes in LegalZoom, according to the company.

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