We advised Lightyear on the transaction and the related financing arrangements

Davis Polk advised Lightyear Capital on its acquisition of assets from and new venture with Schellman & Company, LLC, and the related financing arrangements, the proceeds of which will be used to finance the acquisition. Schellman & Company, LLC, a licensed CPA firm, will provide attest services, and Schellman Compliance, LLC, a newly formed entity, will provide non-attest services. Financial terms of the transaction were not disclosed.

Lightyear is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies associated with financial services, including asset management and wealth management, banks and brokerage, commercial and consumer finance, financial technology, healthcare financial services, insurance and tech-enabled business services. Schellman & Company, LLC is a leading national provider of attestation and compliance services—they are the only company in the world that is a CPA firm, an ISO Certification Body, a globally licensed be PCI Qualified Security Assessor Company, a HITRUST assessor and a FedRAMP 3PAO.

The Davis Polk corporate team includes partner Michael Davis and associate Matthew J. Cowcher. Partner Ethan R. Goldman is providing tax advice. The executive compensation team includes partner Adam Kaminsky and associate Sarah Greene. Partner Pritesh P. Shah is providing intellectual property advice. The finance team includes partner J.W. Perry and counsel Robert F. Smith. Members of the Davis Polk team are based in the New York and Washington DC offices.

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