BRENTWOOD, TN, March 23, 2016 - Business and Legal Resources (BLR), a leading provider of compliance and training solutions in B2B arena, announced today that it has completed a recapitalization of the company that included the redemption of a significant portion of the ownership interest of its founder and largest shareholder, Robert Brady.
Headquartered in Brentwood, TN, BLR offers a suite of Web-based compliance products, mobile applications, employee training platforms, as well as digital and live professional development opportunities for the audiences it serves. The BLR parent brand comprises subsidiaries HRHero, MLeeSmith Publishers, HCPro, HealthLeaders Media, Patient Safety & Quality Healthcare, and Personnel Policy Service.
“This recapitalization of the company, in addition to providing liquidity to our founder Bob Brady, positions BLR for continued growth by strengthening our capital structure and supporting new strategic investments,” says BLR’s CEO Dan Oswald. “Our ultimate goal through this transaction is to improve value for our shareholders and our customers.”
“I couldn’t have asked for a better resolution to this transaction and to my 40-year investment in this company,” says Brady. “It was important to me that we were able to maintain existing management so we can continue to build on the legacy of the brand while allowing it to evolve.”
Northcreek Mezzanine and Tenth Street Capital, both of which are current creditors to and owners of the company, provided additional equity and mezzanine debt funding for the transaction. The senior debt financing was provided by Enterprise Bank & Trust of St. Louis and Capstar Bank of Nashville.
“Northcreek Mezzanine and Tenth Street Capital are happy to support this investment,” says Rodger Davis, managing partner at Northcreek Mezzanine. “The management team at BLR embodies the business values that we look for in a partnership like this.”
Bill Nutter of Tenth Street Capital echoes this sentiment, “We believe the compliance industry is poised for growth and are confident this new development will support future success.”
The new board of directors of BLR includes:
Daniel M. Oswald – BLR
Robert L. Brady – Founder, BLR
Rodger K. Davis – Northcreek Mezzanine
Barry A. Peterson – Northcreek Mezzanine
William (Bill) Nutter – Tenth Street Capital
Casey Hammontree – Tenth Street Capital
Joel Poznansky – Columbia Books & Information Services
BLR’s management team consists of:
Daniel M. Oswald – CEO / Chairman
Lawton Miller – Chief Financial Officer
Elizabeth Petersen – Executive Vice President of Healthcare Division
Rafael Cardoso – Executive Vice President of Workforce Division
Bobby Edgil – Executive Vice President of Sales
The recapitalization of BLR coincides with their acquisition of the HR, Environmental, and Healthcare assets of Thompson Information Services, another industry powerhouse in compliance, from Columbia Books. This transaction also underscores BLR’s commitment to simplifying compliance for their audiences and expanding their market footprint through growth and partnership.
BLR®—Business & Legal Resources helps U.S. businesses simplify compliance with state and federal legal requirements, and help them become more successful. They do this by offering authoritative content and practical, easy-to-use tools. Through their expert in-house editors and exclusive attorney network, they provide the most comprehensive, reliable state-specific information available—and do it in all 50 states. Their award-winning information products—including training programs, events, web portals, reports and subscription services—give businesses of all sizes and industries the best tools available at affordable prices. Connect with the organization at: https://www.linkedin.com/groups/2174166/profile