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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

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Commercial Regulatory Issues

Chartered Institute of Arbitrators Issues First Guidance on Third-Party Funding in Arbitration

By John Freund |

The Chartered Institute of Arbitrators (CIArb) has issued its first-ever Guideline on Third-Party Funding in arbitration, offering comprehensive direction on how parties, counsel, tribunals, and funders should navigate funded disputes. This milestone guidance is aimed at promoting transparency, consistency, and effective case management in arbitration where third-party funding plays a role.

The guideline addresses two primary areas. First, it outlines the third-party funding process, explaining funding structures, pricing models, and key provisions typically found in funding agreements. It provides a practical overview of the benefits and potential pitfalls of using funding in arbitration proceedings. Second, it tackles arbitration-specific case management issues, such as how funder involvement—though often portrayed as passive—can influence strategic decisions, including arbitrator selection, settlement discussions, and procedural posture. The guideline stresses the need to clearly delineate the scope of the funder's control or influence in any agreement.

CIArb also emphasizes the importance of early disclosure. The existence of funding and the identity of the funder should be revealed at the outset to avoid conflicts of interest and challenges to tribunal impartiality. On confidentiality, the guidance urges parties to reconcile the typically private nature of arbitration with the disclosure obligations inherent in funded cases.

Additionally, the guideline explores three critical cost issues: whether funders may cover arbitrator deposits, the increasing prevalence of security for costs orders targeting funders, and the evolving question of whether tribunals should allow recovery of funding costs.

Commercial Regulatory Issues

Minister Urges Litigation Funders to Embrace Self-Regulation

By John Freund |

UK Courts Minister Sarah Sackman has issued a clear call to third-party litigation funders operating in England and Wales: join the Association of Litigation Funders (ALF) and commit to self-regulation as the government weighs potential legislative reforms for the industry.

An article in Legal Futures notes that while speaking in Parliament, Sackman underscored the importance of litigation funding in promoting access to justice and enhancing the UK’s global standing as a legal hub. However, she also warned that regulatory uncertainty following the Supreme Court’s PACCAR ruling in 2023 could drive funders to more predictable jurisdictions such as New York, Paris, or Singapore.

The Civil Justice Council (CJC) earlier this year urged Parliament to swiftly pass legislation reversing the PACCAR decision, which cast doubt on the enforceability of many litigation funding agreements by classifying them as damages-based agreements. The CJC also advocated for a light-touch regulatory approach, aiming to preserve funding’s benefits while instituting safeguards.

In the Commons, Conservative MP Sir Julian Smith echoed this sentiment, suggesting that strengthened self-regulation through ALF membership may be sufficient, possibly avoiding the need for more burdensome legislation. Sackman did not commit to a timeline for government action but emphasized that litigation funding’s reputation and long-term viability hinge on transparent practices and adherence to recognized standards.

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Alberta Pays AU$95M to Montem Resources, Highlights Risk of Litigation-Funding Exposure

By John Freund |

In a striking development, the Province of Alberta has awarded a CA$95 million (roughly AU$102 million) settlement to the Australian mining entity Montem Resources (now rebranded as Evolve Power Ltd.) to resolve a CA$1.75 billion lawsuit alleging that Alberta’s 2022 reinstatement of its coal-moratorium policy amounted to a de facto expropriation of its coal-licence interests.

According to an analysis in The Tyee, the settlement followed earlier compensation to another Australian-backed miner, Atrum Coal Ltd., which reportedly collected CA$143 million though it declared sunk costs of approximately CA$46 million. For Montem, the article notes its declared investment into the assets was about CA$15 million, yet it received a multiple of that in the final settlement.

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Critics argue Alberta’s government under Premier Danielle Smith and Energy Minister Brian Jean did not vigorously defend the case through mechanisms provided under the Mines & Minerals Act, and instead opted to settle for large sums—arguably far exceeding what the firms had originally invested.