Capital Southwest Corporation (“Capital Southwest”) (CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today [July 8, 2019] that it led a recapitalization of Driven, Inc. (“Driven”), a leading provider of eDiscovery consulting services. Capital Southwest provided a first lien term loan and will act as the sole investor and administrative agent for the credit facility.
“We are excited about our new partnership with Driven and its management team,” said Matt Darrah, Principal of Capital Southwest. “We are impressed by Driven’s management team and its ability to drive cost out of litigation and to serve its law firm and corporate clients effectively. Driven has developed the tools and products needed to support the growing volume and complexity associated with the eDiscovery market.”
“We are pleased with the selection of Capital Southwest as our financing partner. Capital Southwest delivered an attractive financing solution with the capital and flexibility that will help Driven achieve its growth potential,” said Ozzy Jimenez, CEO of Driven, Inc.
Founded in 2001 and headquartered in Falls Church, Virginia, Driven, Inc. (“Driven” or the “Company”) is an eDiscovery consultancy and information management company that supports customers across the data lifecycle primarily as it relates to litigation support. Within eDiscovery, the Company offers a full spectrum of solutions to clients through a combination of consulting, technology resale, forensics, managed review, production, and hosting. Through its Update Legal division, the Company also offers a comprehensive suite of legal staffing services, further enhancing Driven’s ability to serve as a one-stop provider for litigation support and eDiscovery services.
About Capital Southwest
Capital Southwest Corporation (CSWC) is a Dallas, Texas-based, internally managed business development company, with approximately $326 million in net assets as of March 31, 2019. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 to $25 million investments across the capital structure, including first lien, unitranche, second lien, subordinated debt and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to future dividends, market conditions, and the business and investments of Capital Southwest. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to changes in the markets in which Capital Southwest invests, changes in the financial and lending markets, regulatory changes, tax treatment and general economic and business conditions.
Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2019 and subsequent filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
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