Case Study — Morrow Sodali
Morrow Sodali is a leading consultancy specializing in comprehensive shareholder services.
Morrow Sodali was founded by highly experienced shareholder services executives who consolidated three standalone businesses, Morrow (USA), Sodali (Europe), and GPS (APAC) to build a global platform positioned for rapid growth. Morrow Sodali’s preeminent leadership team sought out a partner that could support their long-term vision and determined that Granite Creek’s management-friendly approach was going to catalyze their plan.
In January 2019, Granite Creek completed a $15 million non-control investment split between a subordinated debt security and a minority equity stake. Granite Creek’s investment was used to refinance existing seller notes and provide working capital to scale Morrow’s already outstanding executive team and execute acquisitions. By splitting Granite Creek’s investment between debt and equity, the company received the capital it needed while allowing Morrow’s management team to maintain a controlling position in the Company.
As management’s partner, Granite Creek supported the business by:
- Championing the completion of five acquisitions
- Onboarding numerous key strategic hires (CFO, President, HR Director, etc.)
- Assisting with strategic planning
- Leading additional capital raises (debt and equity)
- Providing institutional knowledge on best practices for building long-term enterprise value
In fewer than three years, Morrow Sodali tripled its EBITDA and firmly established the company as a leading advisor to many of the world’s largest publicly traded companies.
In January 2022, during a scheduled marketing call between firms, Granite Creek pitched TPG Growth on an investment in Morrow Sodali. Three months later, TPG Growth successfully acquired a majority interest in Morrow Sodali. Today, Granite Creek retains a minority interest and serves on the company’s Board of Directors.