LegalShield ContactsCompany:Jeff BellLegalShield800-654-7757jeffbell@legalshieldcorp.comorStone Point Media ContactsJim Henderson/Mary ManinStone Point Capital202-862-3162jhenderson@stonepoint.commmanin@stonepoint.comorMedia Relations:Stefan PollackThe Pollack PR Marketing Group310-556-4443spollack@ppmgcorp.comorMidOcean Media Relations ContactsNathaniel Garnick/Amanda KleinGasthalter & Co.212-257-4170midocean@gasthalter.comorMedia ContactsContacts MidOceanSpencer Potts/Bradley TipperMidOcean Investor Relations PartnersIR@midoceanpartners.com As a pioneer in democratizing affordable access to legal protection, LegalShield is one of North America`s leading providers of legal protection and identity theft solutions for individuals, families, and small businesses. The 45-year-old company has more than 1,751,000 members covered by its legal and identity theft regimes. IDShield provides identity theft protection to one million people. LegalShield and IDShield serve more than 141,000 businesses. Legal and identity theft plans start for less than $25 per month. LegalShield`s legal plans provide access to attorneys with an average of 22 years of experience in areas such as family matters, estate planning, financial and business matters, consumer protection, tax, real estate, performance litigation, and car/driving matters. Unlike other legal plans or DIY websites, LegalShield has dedicated law firms in 50 states and four provinces across Canada where members can seek help without having to worry about high hourly rates. IDShield provides identity monitoring and recovery services and is the only identity theft protection company equipped with a team of licensed private investigators on call to retrieve a member`s identity. For more information, call 580-436-1234 under Press and Business Relations.
For more information, see www.legalshield.com. Website: www.pplsi.com/ Investment date: June 2011Industry: Business servicesStatus: CurrentDeal Manager: Frank Schiff PitchBook`s comparison feature gives you first-hand insight into key metrics for similar companies. Customize the data points you want to see and create visualizations instantly. ADA, Oklahoma–(BUSINESS WIRE)–LegalShield (or the “Company”), the #1 provider of subscription legal plans and a leading provider of identity theft solutions, today announced that funds managed by private equity firm Stone Point Capital LLC (“Stone Point”) have signed a definitive agreement to acquire a majority stake in LegalShield from funds controlled by MidOcean Partners (“MidOcean”). The transaction is expected to close in the second quarter of 2018. Financial terms of the transaction were not disclosed. LegalShield`s management will jointly invest with Stone Point and MidOcean, which will retain a minority stake in the company. The current management team, business model and employee base are not expected to change with this investment. The company`s headquarters will remain in Ada, Oklahoma. LegalShield (formerly known as Pre-Paid Legal Services or simply Pre-Paid Legal) is an American company that sells legal services products directly to consumers through employer groups and through multi-level marketing[9] in the United States and Canada.
It was available in the UK from 2019[10] to 2021. [11] According to LegalShield`s disclosure of revenues for employees selling the product: “For employees with 0-2 years of experience who made at least one sale, the average annual earnings for 2019 were $798. About 73% of all employees in all years of experience earned less than $1,000 in 2019. [12] Learn how a car accident led to the creation of PPLSI, which is now a leading legal and identity protection platform. The company markets its legal and identity theft plans through payroll deductions. The prepaid legal concept is supported by the National Association of Attorneys General and the American Bar Association. In 2000, Pre-Paid Legal was criticized by the CBC market for acting as a multi-layered marketing model and encouraging sales representatives to purchase training materials. [25] Stone Point Capital LLC is a private equity firm specializing in financial services based in Greenwich, CT.
The firm launched and managed seven private equity funds – Trident Funds – with total committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and deposit-taking institutions, asset management companies, insurance and reinsurance companies, insurance distribution and other insurance-related activities, specialized loans and other credit opportunities, mortgage service companies, and health care worker and business benefit companies. For more information, see www.stonepoint.com. “We are very excited to begin our partnership with Stone Point and continue our relationship with MidOcean,” said Jeff Bell, President and CEO of LegalShield. “Stone Point has tremendous resources and experience in the financial services industry and has a proven track record of helping management teams grow their businesses. MidOcean has been a strong partner for us since our initial investment in 2011 and we look forward to their continued support,” continued Mr. Bell. “I am very proud of our employees who serve our members day in and day out,” added Bell. Stone Point worked with LegalShield to evaluate, negotiate, execute and finance the company`s first major acquisition in over 20 years.
Stone Point also expanded the company`s banking relationships and expanded its acquisition pipeline. Fayez Muhtadie, Director of Stone Point, added: “We are delighted to partner with the LegalShield team and MidOcean. We have extensive experience in employee benefits and see significant opportunities for the company to expand its presence across channels and geographies. We look forward to working with Jeff and his talented management team to support the company as it continues to grow.” The company is acquired by MidOcean Partners for $650 million; The rebranding to LegalShield Stone Point facilitated several third-party debt financings that were critical to financing a hidden acquisition, reducing the company`s borrowing costs, and returning capital to shareholders. Less than a year and a half after holding LegalShield, Stone Point completed a minority recapitalization with a long-standing relationship with Stone Point that validated the company`s progress and provided partial liquidity to shareholders. In November 2006, Pre-Paid announced plans to spend $27.4 million to buy back shares held by executives. [21] The Society is making significant new investments in technology infrastructure, websites and analytics to better support its members and partners. This information is available on the PitchBook platform.
