Friday, July 30, 2010

Quorum Business Solutions Gets Backing Of Carlyle Group, Riverstone

Houston-based Quorum Business Solutions, a provider of software and systems to the oil, gas, and renewable energy industry, said Thursday that it has received a "significant" capital investment from private equity firms The Carlyle Group and Riverstone Holdings. Financial terms of the deal were not disclosed. Quorum said the capital infusion will go to foster continued growth of the company. As part of the funding, the firm said it has appointed R. Scott Leeds, the President and co-founder of the firm, as CEO. Leeds succeeds co-foudner Paul Weidman, who continues as Chairman. The firm also said it has promoted Chief Commercial Officer Perry Turbes to Chief Operating Officer. Quorum said that acquisition financing came from Silicon Valley Bank, and that it was advised by Revolution Partners/Morgan Keegan & Company, and Hogan Lovells US LLP. Carlyle and Riverstone were advised by PricewaterhouseCoopers and Latham & Watkins LLP in the deal. More information »