Code & Co.

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  • LBR logo

Engagement — Platform Due Diligence

Code & Co. advises ICG in preparation for its investment in Law Business Research (LBR), a technology-driven information services business powering the global legal, intellectual property and governance, risk, and compliance markets.

Levine Leichtman Capital Partners (LLCP), a Los Angeles-based private equity firm, and ICG, the global asset manager, have announced a strategic partnership with LBR. Under the arrangement, LLCP will return significant capital to its investors while remaining a shareholder alongside ICG.

Building on LBR’s accomplishments under LLCP’s ownership, ICG’s support will facilitate further international expansion, investment in product development, and continued growth. LBR has a proven track record of successful acquisitions, notably acquiring Globe Business Media Group, Docket Navigator, Legal Monitor and MBL, and expects to continue leveraging acquisitions to complement its organic growth plan.

Scope of Work

Code & Co. evaluated LBR’s platform, including its software and data architecture, infrastructure, technology stack, and machine learning capabilities. In addition, support processes and telemetry systems were assessed, in conjunction with the KPIs employed by LBR and its upcoming roadmap.

Code & Co. further evaluated LBR’s R&D team, certification strategy, technical debt landscape, and key engineering processes, including the software development lifecycle and quality assurance practices.

About LBR

LBR is a technology-driven information services business powering the global legal, intellectual property and governance, risk, and compliance markets. By applying the latest technology to the fast-moving legal world, LBR enables users to find their competitive edge and make decisions with confidence, armed with the insight they need. LBR has over 500 employees with offices in London, Hong Kong, New York, Austin, and Washington DC.  

About ICG

ICG provides flexible capital solutions to help companies develop and grow. ICG is a leading global alternative asset manager with a 35-year history, managing $98.4bn of assets* and investing across the capital structure. ICG operates across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

ICG develops long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040. ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at You can follow ICG on LinkedIn, X (Twitter) and Instagram. *as at 31 March 2024  

About LLCP

Levine Leichtman Capital Partners is a middle-market private equity firm with a 40-year track record of investing across various targeted sectors, including Franchising & Multi-unit, Business Services, Education & Training and Engineered Products & Manufacturing. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. LLCP believes that by investing in a combination of debt and equity securities, it offers management teams growth capital in a highly tailored, flexible investment structure that can be a more attractive alternative than traditional private equity.   LLCP’s global team of dedicated investment professionals is led by 10 partners who have worked at LLCP for an average of 19 years. Since inception, LLCP has managed approximately $14.4 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently manages $9.6 billion of assets and has offices in Los Angeles, New York, Chicago, Miami, London, Stockholm, The Hague and Frankfurt.