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Financial services company with Henrico presence gets capital boost

July 27, 2011
By Richmond Times-Dispatch Staff

New Mountain Capital, a New York private equity firm, has bought a majority equity stake in SNL Financial, a Charlottesville-based provider of information services in banking, financial services, insurance, real estate, energy and media industries.

SNL, which has grown revenue every year since its founding in 1987, will use the proceeds from the sale to support growth plans, continue product development initiatives and provide liquidity to existing shareholders.

Terms of the transaction were not disclosed.

SNL's clients should expect continuity in the company's leadership team, and customer service and support, while benefiting from the greater capital resources, the company said in a statement released Tuesday.

"We believe we have found the ideal partner in New Mountain to help us achieve SNL's next phase of growth," SNL founder Reid Nagle said.

Nagle, who will be SNL's second-largest shareholder after New Mountain, stepped down from day-to-day involvement in early 2010.

Pete Masucci, managing director at New Mountain, said the SNL team has built a top-tier information franchise that serves as an excellent foundation for continued growth and success.

"We recognize and embrace the SNL culture, one that is dedicated to impeccable data quality, superior client service, leading-edge technology and operational excellence."

SNL Financial provides financial information on more than 4,000 public companies and 50,000 private companies.

New Mountain Capital invests for long-term capital appreciation through direct investments in growth equity transactions, leveraged acquisitions and management buyouts. The firm manages private and public equity funds with $9 billion in aggregate capital commitments.

 

Copyright Richmond Times-Dispatch. Used by permission.

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