Blue River Advises Fraud Sniffr on Sale to Sunlake Capital and Mangrove Equity

October 23, 2025 – Blue River Financial Group served as the exclusive sell-side advisor to Fraud Sniffr, a leading investigations company, in its sale to Sunlake Capital and Mangrove Equity Partners. The buyer has established Sphere Investigations Holdings as a premier fraud and corporate investigations platform through partnerships with Fraud Sniffr, Phenix Investigations, and Marshall Investigative Group.

Since 2013, Fraud Sniffr has been at the forefront of fraud detection, gathering and analyzing investigative data from sources such as social media, surveillance, and medical canvassing. Leveraging its proprietary software, the company provides precise, data-driven insights that help clients prevent false claims and injury misrepresentations. Today, Fraud Sniffr is a trusted partner to many of the nation’s leading insurance companies, third-party administrators, and law firms.

Sunlake Capital is a private investment firm specializing in long-term private equity investments in businesses with sustainable competitive advantages. The firm makes control equity investments using the capital of its principals and select investment partners. Sunlake follows a thesis-driven approach across multiple industries, with a particular focus on the security, safety, and risk management sectors.

Mangrove Equity Partners strives to deliver uncommon value to those they partner with, including business owners, management teams and their employees and intermediaries. Mangrove pursues investments in a broad range of industries, with a particular emphasis and past success in niche manufacturing, industrial and business-to-business services and enthusiast consumer products.

Sunlake, Mangrove and Sphere are seeking to invest in additional investigative services businesses with revenues from $2 million to $40 million.

Evan Haigh, Director at Blue River, said, “It was a privilege to lead this transaction and advise the Fraud Sniffr team throughout the sale process. The transaction was smooth, collaborative, and efficiently executed, a testament to strong preparation and a clear strategic fit between buyer and seller. I’m excited to see this partnership drive continued innovation and growth in the investigative space.”

“At Blue River, we’re committed to helping business owners find the right partners to help take their companies to the next level. Fraud Sniffr’s transaction is a great example of that mission in action,” said Matthew Feldman, Managing Director and Sell Side Practice Leader at Blue River.

About Blue River

Blue River Financial Group is a middle market merger and acquisition advisory firm. We assist corporations, private equity groups and individuals in the sale and acquisition of businesses and have completed assignments in multiple business segments. With over 20 years of experience spanning across 50 global industries, Blue River provides a suite of services to middle market clients including corporate development, private equity support, valuations, and transaction consulting, placing a premium on relationship-centered transaction counsel and client focus.

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