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Stone Point Capital to Acquire Majority Stake in LegalShield from MidOcean Partners – Press Release

New IdentityTheft Scam

ADA, Okla.–(Business Wire)–LegalShield
(or the “Company”), the #1 subscription-based provider of legal plans
and a leading provider of identity theft solutions, announced today that
funds managed by private equity firm Stone Point Capital LLC (“Stone
Point”) have entered into a definitive agreement to acquire a majority
interest in LegalShield from funds controlled by MidOcean Partners
(“MidOcean”). The deal is expected to close in the second quarter of
2018. Financial terms of the transaction were not disclosed.
LegalShield’s management will be co-investing alongside Stone Point and
MidOcean, which is retaining a minority stake in the business. 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.

This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20180227006144/en/

LegalShield’s mission since its founding in 1972 is to provide access to
affordable legal coverage for all members – no matter how traumatic or
trivial the situation. LegalShield offers subscription-based plans for
legal and identity theft services and has grown to become the #1
subscription-based provider of legal plans to families and small
businesses across the U.S. and Canada. The Company has a network of
dedicated law firms in all 50 states and four Canadian provinces, with
more than 39 provider law firms providing legal protection to over 1.7
million members. The Company’s IDShield product provides its members
with monitoring services to help members take control of their personal
information and combat identity theft.

“We are very excited to begin our partnership with Stone Point and
continue our relationship with MidOcean,” said Jeff Bell, LegalShield’s
Chief Executive Officer. “Stone Point has tremendous resources and
experience in the financial services sector and a proven track record of
helping management teams drive their businesses to the next level.
MidOcean has been a strong partner for us since their initial investment
in 2011, and we look forward to their continued support going forward,”
continued Bell. “I am so proud of our employees who provide service to
our members day in and day out,” Bell added.

“We are incredibly proud of our partnership with LegalShield and the
Company’s success. The management team has done an excellent job of
growing its membership base, introducing new products and features, and
expanding the Company’s distribution channels. We are excited to partner
with Stone Point and believe their experience in the financial services
sector, generally, and the voluntary benefits sector, specifically, will
greatly enhance the growth opportunities for the Company,” said Frank
Schiff, Managing Director at MidOcean.

Fayez Muhtadie, Principal at Stone Point, added: “We are thrilled to be
partnering with the LegalShield team and MidOcean. We have a long
history of experience in the employee benefits sector 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 in its continued growth.”

Kramer Levin Naftalis & Frankel LLP served as legal advisor to Stone
Point. RBC Capital Markets led the financing for the transaction. Morgan
Stanley, RBC Capital Markets, and Three Ocean Partners acted as
financial advisors, and Kirkland & Ellis acted as legal advisor, to
MidOcean.

About LegalShield

A pioneer in the democratization of affordable access to legal
protection, LegalShield is one of North America’s leading providers of
legal safeguards and protection against identity theft solutions for
individuals, families and small businesses. The 45-year-old company has
more than 1,751,000 members that are covered by its legal and identity
theft plans. IDShield provides identity theft protection to one million
individuals. LegalShield and IDShield serve more than 141,000
businesses. Both 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 issues, consumer protection,
tax, real estate, benefits disputes and auto/driving issues. Unlike
other legal plans or do-it-yourself websites, LegalShield has dedicated
law firms in 50 states and four provinces in Canada that members can
call for help without having to worry about high hourly rates. IDShield
provides identity monitoring and restoration services and is the only
identity theft protection company armed with a team of licensed private
investigators on call to restore a member’s identity. For more
information, call press and corporate relations at 580-436-1234. For
more information please visit, www.legalshield.com.

About Stone Point Capital

Stone Point Capital LLC is a financial services-focused private equity
firm based in Greenwich, CT. The firm has raised and managed seven
private equity funds – the Trident Funds – with aggregate 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 depository institutions, asset management firms, insurance and
reinsurance companies, insurance distribution and other
insurance-related businesses, specialty lending and other credit
opportunities, mortgage services companies and employee benefits and
healthcare companies. For more information please visit, www.stonepoint.com.

About MidOcean Partners

Established in 2003, MidOcean Partners is a premier New York-based
alternative asset manager that specializes in middle market private
equity and alternative credit investments. Since inception, the focus of
the private equity funds has been on high-quality middle market
companies with attractive strategic, operational and financial growth
opportunities in the consumer and business services sectors. MidOcean
Credit Partners was launched in 2009 and manages approximately $6.9
billion across a series of alternative credit strategies, collateralized
loan obligations (“CLOs”), and customized separately managed accounts as
of November 30, 2017. For more information please visit, www.midoceanpartners.com.

LegalShield Contacts
Company:
Jeff Bell
LegalShield
800-654-7757
[email protected]
or
Stone
Point Media Contacts

Jim Henderson/Mary Manin
Stone Point
Capital
202-862-3162
[email protected]
[email protected]
or
Media
Relations:

Stefan Pollack
The Pollack PR Marketing Group
310-556-4443
[email protected]
or
MidOcean
Media Relations Contacts

Nathaniel Garnick/Amanda Klein
Gasthalter
& Co.
212-257-4170
[email protected]
or
MidOcean
Investor Relations Contacts

Spencer Potts/Bradley Tipper
MidOcean
Partners
[email protected]



Source: on 2018-02-27 11:30:00

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