BV Investment Partners Closes Continuation Fund

BV Investment Partners, a Boston based private equity firm focused on tech-enabled business services, software, and IT services for more than 40 years, announced today the closing of a single-asset continuation fund transaction for Right Networks, a premier provider of cloud solutions to tax and accounting firms.

This transaction continues BV Investment Partners’ ownership of the company and reaffirms its commitment to supporting Right Networks’ long-term growth strategy. The new continuation fund acquired BVIP Fund VIII’s stake in Right Networks.

The transaction was led by Lexington Partners and co-led by StepStone Group, Kline Hill Partners, and Apogem Capital. The new BV Investment Partners continuation fund includes additional capital to support Right Networks’ growth initiatives and expansion strategy.

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“We are pleased to have partnered with new and existing investors on this oversubscribed transaction,” Vikrant Raina, Chief Executive Officer and Managing Partner of BV, said. “It generated an attractive liquidity option for our Fund VIII LPs and gave us the opportunity to continue onward with the next phase of transformational growth of a proven platform.”

Guggenheim Securities, LLC served as exclusive financial advisor to BV Investment Partners and Ropes & Gray LLP provided legal counsel on the transaction. Proskauer Rose LLP acted as legal counsel for Lexington, StepStone, Kline Hill, and Apogem.

Source: CISION PR Newswire

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