Capstone Partners advised InnovateMR (Innovate) on its majority investment by CIVC Partners, L.P. (CIVC). Terms of the deal were not disclosed.
Founded in 2014, in California, Innovate has established itself as one of the fastest-growing providers of tech-enabled survey and sampling services to market research agencies, consulting firms, and corporations. Innovate focuses on enhancing the quality of its clients’ market research by using its proprietary software, deep respondent sourcing and screening expertise, and client service model to provide professionals timely access to high quality, unique respondent populations.
Capstone was an incredible partner to our organization during the recent sale of our business. The team was communicative, proactive, and provided sage advice throughout the process. Executing a deal of this size does not come without its challenges. Capstone was with us every step of the way, offering support and expertise. Their experience was invaluable, and I can’t speak highly enough about Capstone Partners. I highly recommend hiring them as your investment banker—you won’t be sorry!
CIVC’s investment will provide Innovate with additional capital and resources to support its growth strategy. CEO Lisa Wilding-Brown and COO John Tan will continue to lead Innovate; former President Michael Anderson and co-founders Gregg Lavin, Matt Dusig, and George Llorens will remain significant investors in the business.
“We are thrilled to be partnering with a CIVC team that shares our vision for Innovate. CIVC has been an active investor for over 30 years and has the resources, expertise, and capabilities to help Innovate continue to execute on our growth strategy,” said CEO Lisa Wilding-Brown.
“The Founders, along with Lisa and her senior management team, have built and scaled InnovateMR into a leading ResTech platform, while operating the business in a very capital efficient manner,” said David Michaels, Managing Director, TMT at Capstone Partners. “The opportunity to work with the InnovateMR team to help them generate several attractive options and ultimately choose the best partner was very rewarding. With CIVC as a partner, a talented senior management team and compelling market tailwinds, Innovate is ideally positioned for its next phase of growth.”
Doug Potters, a partner at CIVC, commented, “Innovate is an excellent platform to capitalize on the attractive growth trends in the highly fragmented customer insights industry. We are excited to partner with Lisa Wilding-Brown, John Tan, and the rest of the Innovate management team to support the company in accelerating organic growth and pursuing strategic acquisitions. Additionally, we are extremely pleased by the significant investment made by Matt, Gregg, George, and Michael in the transaction and their continued involvement in the business at a Board-level.”
CIVC Partners is a Chicago-based private equity firm investing in high-growth middle market companies in the business services sector. Since 1989, the team has invested over $1.9 billion in 71 platform companies and currently invests from CIVC Partners Fund VI.