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Renovus Capital Partners Announces Majority Investment in Angeion Group

By Harry Moran |
October 8, 2024

Renovus Capital Partners Announces Majority Investment in Angeion Group

Renovus Capital Partners (“Renovus”), a private equity firm based in the Philadelphia area, announced today that it has acquired a majority stake in class action case management solutions provider Angeion Group, LLC (“Angeion”). Founder & Chief Executive Officer, Steven Weisbrot, and senior members of the management team have maintained a significant ownership stake in the Company and will continue to drive the growth of the platform in partnership with Renovus. Marks Baughan Securities LLC served as the exclusive financial advisor to Angeion Group in the transaction.

Angeion, which is also headquartered in Philadelphia, is the leading innovator in the class action settlement industry. As a global provider of notice and claims administration services, the company has built a technology platform that enables its legal experts to manage the largest and most complex class action settlements.

The Renovus partnership will enable Angeion to accelerate the buildout of its management, client service, and delivery teams and increase investment in its proprietary class action technology solutions. Angeion plans to grow its leadership position in the US market and continue to develop its international business through a combination of key hires, new solutions, and strategic acquisitions.

Angeion was founded in 2013 by Steve Weisbrot, Esq. and Christopher Chimicles, with a mission to modernize the class action settlements industry. With over 160 team members, the Company provides high-quality service and innovative technology solutions in settlement administration, adapting to the constantly evolving legal services ecosystem. To date, its team has managed more than 2,000 class action settlements and distributed over $10 billion to class members.

“This partnership marks a major milestone in Angeion’s growth journey,” said Weisbrot. “The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead.”

“Angeion is one of the most differentiated and fastest growing players in class action services,” said Renovus Managing Director Lee Minkoff. “Renovus has a track record of identifying unique tech-enabled legal services companies, aligning with management on a growth thesis, and making investments to execute that thesis. This is the exact opportunity we have with Angeion, and we could not be more excited to partner with Steve and the management team.”

Marks Baughan served as exclusive financial advisor to Angeion Group.

About Angeion Group

Angeion Group stands at the forefront of settlement administration and legal noticing services. Leveraging advanced technology, proven best practices, and expert consulting, Angeion specializes in managing class actions and other types of mass litigation. Angeion’s dedication to efficiency, accountability, and excellence instills confidence in counsel and the court alike. 

About Renovus Capital PartnersFounded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm’s current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.

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Harry Moran

Harry Moran

Commercial

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Case Developments Commercial

Parabellum Capital Named in Goldstein Criminal Disclosure

By John Freund |

Tom Goldstein, the former SCOTUSblog co-founder and prominent appellate advocate, has named Parabellum Capital as the litigation funder at the center of a federal indictment accusing him of misappropriating legal financing to pay off personal debts.

Bloomberg Law reports that in a court filing made last week, Goldstein disclosed that he used advances from Parabellum to cover non-litigation-related expenses, including the purchase of a multimillion-dollar home. The revelation comes amid federal charges alleging that Goldstein misused firm funds to settle gambling losses and personal obligations, then mischaracterized those payments as business expenses. Prosecutors previously referred to an unnamed funder involved in these transactions; Parabellum is now confirmed to be that firm.

Goldstein’s disclosure appears to be part of a strategic legal response to mounting charges of tax evasion and financial misrepresentation. Once a high-profile figure in Supreme Court litigation, Goldstein now faces scrutiny not only for alleged personal financial misconduct but also for the implications his actions may have on the litigation finance ecosystem.

While Parabellum has not been accused of any wrongdoing, the situation highlights a key risk in the litigation funding model: the potential for funds advanced against anticipated case proceeds to be diverted toward unrelated personal uses. Funders traditionally require that capital be deployed for case expenses, legal fees, and expert costs—not real estate acquisitions or debt payments.

This case underscores a growing concern in the legal funding industry: the need for tighter controls, enhanced due diligence, and possibly more explicit regulatory frameworks to ensure that funding agreements are not exploited. As the industry continues to mature, episodes like this could shape how funders vet borrowers and monitor the use of their capital.

Commercial

Litigation Finance Hits Wall as Bets on Blockbuster Returns Flounder

By John Freund |

At a Fall conference hosted by law firm Brown Rudnick, attendees from across the litigation finance industry voiced growing concern about the sector’s prospects, signaling what may be a turning point for a business long hyped for outsized returns.

According to Yahoo Finance, many in attendance described a drain in new investment and increasing skepticism that big wins, once seen as routine, will materialize. In recent years, funders have aggressively financed high-stakes lawsuits with the expectation that a handful of big verdicts or settlements would deliver significant payouts. But now, as legal outcomes remain unpredictable and returns disappoint, investors appear to be pulling back. Some funders are reportedly limiting new deals, tightening criteria for which cases to support, or reevaluating their business models altogether.

For smaller plaintiffs and everyday plaintiffs’ firms, the contraction in funding availability could prove especially painful. The ripple effects may leave many without access to third-party capital needed to bridge the lengthy wait until verdict. And for funders, the shrinking appetite for risk could mean narrower portfolios and potentially lower returns overall.

The industry’s recalibration may also carry broader implications. Fewer fundings could slow litigation overall. Plaintiffs may see reduced leverage while funders may prioritize lower-risk, smaller-return cases. The shift could further concentrate power among a shrinking number of large, well-capitalized funders.

As the post-conference murmur becomes a chorus, the once-booming litigation finance sector may be entering a more sober phase — where hope for home-run returns gives way to caution, discipline, and perhaps a redefinition of what success looks like.

Case Developments Commercial

Omni Bridgeway Secures EU Victory as Commission Declines Regulation

By John Freund |

Litigation funders scored a major win in Europe this week as the European Commission confirmed it will not pursue new regulations targeting third-party funding. In a decision delivered at the final session of the Commission's High-Level Forum on Justice for Growth, Commissioner Michael McGrath announced that the EU executive will instead focus its efforts on implementing the recently adopted Representative Actions Directive (RAD), which governs collective redress actions brought by consumers and investors.

An article in Law.com notes that the move is being hailed as a significant victory by litigation funders, particularly Omni Bridgeway. Kees de Visser, the firm's Chair of the EMEA Investment Committee, described the decision as a clear endorsement of the litigation funding model and a green light for continued expansion across European jurisdictions. Funders had grown increasingly concerned over the past year that the EU might impose strict rules or licensing requirements, following persistent lobbying by industry critics and certain member states.

Supporters of the Commission’s stance, including the International Legal Finance Association, argue that additional regulation would have harmed access to justice. They contend that third-party funding helps balance the playing field, especially in complex or high-cost litigation, by enabling smaller claimants to pursue valid claims that would otherwise be financially out of reach.

Although concerns around transparency and influence remain part of the wider policy debate, the EU’s current position sends a strong signal that existing legal tools and the RAD framework are sufficient to safeguard the public interest. For funders like Omni Bridgeway, this regulatory reprieve opens the door to deeper engagement in consumer and mass claims across the bloc.