Feb 11,
2019
Lovell Minnick Partners Reaches Agreement for the Sale of Commercial Credit to BDT Capital Partners
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02.11.19
Lovell Minnick Partners Reaches Agreement for the Sale of Commercial Credit to BDT Capital Partners
RADNOR, PA (February 11, 2019) – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced the signing of a definitive agreement in which Commercial Credit, Inc., an equipment and accounts receivable finance company and the parent company of Commercial Credit Group Inc. and Commercial Funding Inc., will be acquired by BDT Capital Partners, a merchant bank that provides family- and founder-led businesses with long-term, differentiated capital, who will be making a majority equity investment in the company. With this transaction, Commercial Credit, Inc., one of the largest independent commercial finance companies, will continue to expand its equipment and accounts receivable financing businesses. President and CEO Dan McDonough states, “We’re thrilled to partner with BDT. Their culture, way of doing business and long-term perspective mirror ours and their patient capital will support the growth of our company, the development of our people and our ability to deliver superior customer service in the years to come. We thank Lovell Minnick for their support over the past seven years and appreciate their dedication and loyalty to our business and employees.” John Cochran, Partner at Lovell Minnick, commented, “We are extraordinarily proud of Commercial Credit and its accomplishments, not just during our long and productive partnership together, but over a history that spans nearly 15 years. The Company’s steady growth and consistent execution demonstrate the resilience of their business model, the strength of their team, and their commitment to serving their clients.” Brad Armstrong, Partner at Lovell Minnick, added, “Commercial Credit exemplifies the type of successful independent specialty finance company we strive to find and build, one that is positioned to navigate an ever-evolving marketplace. This marks an important milestone, not just for Lovell Minnick and our limited partners, but for Commercial Credit, which is aligning itself with BDT, a premier organization with deep expertise and extensive resources available to perpetuate the company’s success.” “We are excited to partner with founder and CEO Dan McDonough and his highly-experienced management team,” said Dan Jester, President of BDT Capital Partners. “Commercial Credit’s specialized equipment finance expertise, focus on credit quality and superior customer service have contributed to its strong results. Our long-term capital, combined with Commercial Credit’s differentiated approach to commercial lending, will provide a solid foundation for the company to continue helping its customers navigate business cycles, acquire equipment and scale their own businesses.” The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions. Keefe, Bruyette & Woods, Inc. and Ardea Partners LP advised the Company in connection with the transaction. About Commercial Credit, Inc. Commercial Credit, Inc., through its wholly owned subsidiaries Commercial Credit Group Inc. and Commercial Funding Inc., provides equipment loans and leases to small and mid-sized businesses in the construction, fleet transportation, machine tool and manufacturing, and waste industries, and accounts receivable factoring in a variety of industries. Since its inception in 2004, the Company has originated over $4 billion of finance receivables. The company’s sales force is located throughout North America, is headquartered in Charlotte, NC and operates full-service offices in Buffalo, NY, Naperville, IL, Hamilton, ON and Salt Lake City, UT. For more information, please visit www.commercialcreditgroup.com, and www.commercialfund.com. About BDT Capital Partners BDT Capital Partners provides family- and founder-led businesses with long-term, differentiated capital. The firm manages more than USD 9 billion across its investment funds and an additional USD 4.6 billion of co-investments from its global limited partner investor base. The firm’s affiliate, BDT & Company, is a merchant bank that works with family- and founder-led businesses to pursue their strategic and financial objectives. BDT & Company provides solutions-based advice and access to a world-class network of business owners and leaders. About Lovell Minnick Partners Lovell Minnick Partners LLC is a private equity firm focused on investing in middle market companies in the global financial services and related business services industries. Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, execute majority buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised over $3 billion in committed capital and has completed investments in over 50 platform companies. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. Over its twenty-year history, Lovell Minnick has built a steady track record of investment returns through a consistent investment process that focuses on driving portfolio company growth, strategic activity, and operational improvement, without relying upon excessive financial leverage.
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Jan 08,
2019
Lovell Minnick Partners Acquires ATTOM Data Solutions, Leading Provider of Real Estate Data and Analytics
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01.08.19
Lovell Minnick Partners Acquires ATTOM Data Solutions, Leading Provider of Real Estate Data and Analytics
New Partnership Positions Market-Leading Property Data Expert for Sustained Growth PHILADELPHIA, LOS ANGELES and NEW YORK, January 8, 2019 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced it has completed the acquisition of ATTOM Data Solutions (“ATTOM” or “the Company”), a leading provider of national real estate data and analytics. Lovell Minnick acquired ATTOM from Renovo Capital and Rosewood Private Investments. Financial terms of the private transaction were not disclosed. Headquartered in Irvine, California, ATTOM manages a comprehensive data platform that draws upon a wide range of sources to provide property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. ATTOM licenses its data to companies in the real estate, mortgage, insurance, marketing and adjacent industries. “ATTOM’s data provides mission-critical insights to enterprise clients who seek to make well-informed business decisions with the benefit of historic, rich and near real-time data,” said Jason Barg, Partner, Lovell Minnick Partners. “We’re excited to partner with CEO Rob Barber and his team who have an excellent reputation for leadership and innovation in the real estate data and information services market.” “ATTOM remains focused on expanding our seamless end-to-end data platform to deliver greater value for our customers as we continue to grow our market share in our core markets and build out our footprint in new end-markets across the U.S.,” said Barber. “We look forward to the next chapter of our growth, supported by the experience and resources of Lovell Minnick Partners, as we further strengthen our position as the premier one-stop shop for high-quality real estate data.” Lovell Minnick Partners has strong experience investing in technology-enabled service providers in the financial services sector, such as Engage People Inc., an innovative, market-leading solutions provider for the global loyalty and incentive industry, and more recently, SRS Acquiom, a market-leading provider of technology-enabled solutions to facilitate private market M&A transactions. Lovell Minnick Partners also has deep industry knowledge and relationships in the property sector developed through proprietary research and through prior investments in the space such as J.S. Held, a specialty advisory firm that provides property loss consulting among other services, and CenterSquare Investment Management, a global investment manager focused on actively managed real estate and infrastructure strategies. “ATTOM’s management team has generated strong organic growth and successfully pursued accretive strategic opportunities such as their acquisition of neighborhood data provider Onboard Informatics in early 2018,” said John Cochran, Partner, Lovell Minnick Partners. “We believe the Company’s innovative technology platform, focus on superior data quality and customer service, and its recurring license revenue model position ATTOM extremely well for continued success in the space. We are eager to support management in executing their strategic plan to build the leading technology platform in the real estate data industry.” ATTOM’s extensive property database is also used to power consumer-facing websites such as RealtyTrac.com, Homefacts.com and HomeDisclosure.com. Morgan Lewis served as LMP’s legal counsel. GCA Advisors acted as financial advisor to ATTOM, while Venable LLP served as ATTOM’s legal counsel. Monroe Capital provided debt financing for the transaction. About Lovell Minnick Partners LLC Lovell Minnick Partners LLC is a private equity firm with expertise in investing in the financial and related business services sectors. With offices in Philadelphia, Los Angeles and New York, Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, leveraged buyouts and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $3 billion in committed capital and has completed investments in 50 companies. Targeted investment areas include asset management, wealth management, investment product distribution, specialty finance, insurance brokerage and services, financial and insurance technology and business services. For more information, please visit www.lmpartners.com. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more. www.attomdata.com
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Jan 03,
2019
Foreside Announces Acquisition of NCS Regulatory Compliance
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01.03.19
Foreside Announces Acquisition of NCS Regulatory Compliance
PORTLAND, Maine – January 3, 2019 – Foreside Financial Group, LLC (“Foreside”), a provider of distribution and compliance services to clients in the global asset management industry, today announced the acquisition of NCS Regulatory Compliance (“NCS”), a comprehensive provider of outsourced compliance and regulatory solutions to the Registered Investment Adviser (“RIA”) and Broker-Dealer (“BD”) markets. The combination of Foreside and NCS provides a full-suite of best-in-class outsourcing solutions to companies across the financial services industry, as clients increasingly demand a one-stop shop for their business processes, including broker-dealer solutions, consulting services and adviser compliance. Further, the acquisition will expand Foreside’s scope through increased market share, proprietary technology, enhanced regulatory and SEC compliance services, senior-level leadership, and a larger geographic footprint, which includes offices in New York City. “We’re committed to providing our clients with a comprehensive and holistic set of solutions to streamline and increase revenue opportunities, as well as to quickly expand and launch new products, all in one place,” said David Whitaker, President of Foreside. “In addition to best meeting our clients’ needs in the midst of an ever-changing regulatory landscape, NCS’s leading technology-enabled financial services compliance solutions, paired with their deep industry expertise, both complements and drives forward our strategic plan to grow our market position and broaden our breadth of services globally.” “We are thrilled to be joining the Foreside team,” said Mark Alcaide, Partner and Chief Operating Officer at NCS. “Foreside’s experienced management team, comprehensive resources, and scale offers the unique opportunity to further expand NCS’s core solutions to new customer segments, investment products and geographies, and we look forward to the opportunities that this will create.” Added Rich Berthy, CEO of Foreside: “Adding NCS and their seasoned team of consultants to our market leading business solutions suite provides our clients an unparalleled level of support at a time when compliance and regulatory solutions are mission critical to the financial services industry.” Formed in 2015 following the merger of two well-established firms in the compliance market, Regulatory Compliance and National Compliance Services, NCS provides over 1,800 clients in the US with FINRA/SEC and state registrations, ongoing compliance support, annual reviews and mock audits, risk assessments, compliance manuals, FINOP services and financial accounting support and cybersecurity compliance, in addition to regulatory services. This acquisition builds upon a significant period of growth for Foreside. In 2017, Lovell Minnick Partners, a private-equity firm based in Radnor, Pennsylvania, purchased a majority stake in the company, and has since set forth a strategy to scale Foreside’s offering and expand the markets the firm services. Financial terms of the transaction were not disclosed. The acquisition is expected to close in early January 2019. About Foreside Foreside delivers a range of distribution and compliance services to clients in the global asset management industry. Foreside services open- and closed-end funds, exchange-traded products, commodity pools, private placements, investment advisers and registered broker-dealers. Foreside’s comprehensive technology suite includes Foreside AdCompliance™ a proprietary Internet-based portal to coordinate marketing material review with SEC and FINRA and ForesideXchange, a proprietary ETF order management system to facilitate the create/redeem process for ETFs. Foreside’s service offerings include distribution, registered representative licensing, fund chief compliance officer and treasurer services, and regulatory and compliance consulting. Foreside distributes over $1 trillion of product through their 19 limited purpose broker-dealers. The firm’s solutions enable clients to focus on asset management without sacrificing distribution and compliance best practices. Foreside is headquartered in Portland, Maine and has offices in Berwyn, Pennsylvania, Boston, Massachusetts, and Columbus, Ohio. For more information on Foreside’s suite of services, please visit www.foreside.com. About NCS Regulatory Compliance With more than 25 years of experience in the compliance consulting space, NCS Regulatory Compliance offers deep expertise and proven compliance knowledge for investment advisers and broker-dealers. NCS Regulatory Compliance’s experts remain on the cutting edge, leveraging decades of experience and the latest technologies to simplify and streamline the registration process and management of ongoing compliance requirements for clients. For more information on NCS Regulatory Compliance, visit www.ncsregcomp.com.
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Nov 13,
2018
Lovell Minnick Partners Announces Majority Investment in SRS Acquiom
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11.13.18
Lovell Minnick Partners Announces Majority Investment in SRS Acquiom
Positions SRS Acquiom for Continued Growth in M&A Settlement & Risk Management Services PHILADELPHIA, LOS ANGELES and NEW YORK, November 13, 2018 – Lovell Minnick Partners (“LMP”), a private equity firm specializing in financial and related business services companies, announced it has completed a majority investment in SRS Acquiom (the “Company”), a market-leading provider of technology-enabled services related to M&A settlement support and risk mitigation. Founded in 2007 by Paul Koenig, Mark Vogel and Jason Mendelson and headquartered in Denver, SRS Acquiom provides an integrated platform of professional services, technology solutions and data that enables corporate acquirers, private equity firms and venture capital firms to navigate the complex M&A deal execution process more efficiently. The Company has managed over 2,200 deals, representing 205,000 shareholders, valued at over $340 billion. “SRS Acquiom has a strong history of innovation and offers best-in-class solutions for managing and simplifying M&A processes throughout the transaction lifecycle,” said Steve Pierson, Managing Partner at LMP. “We look forward to supporting the Company in its continued growth, including the cultivation of next generation transaction support products, data analytics and new services.” SRS Acquiom offers an expansive range of services, including post-closing shareholder representation, payment agency, escrow administration, representation and warranty insurance brokerage, and pre-closing shareholder solicitation. The company also boasts an extensive database of private M&A data that provides insights to help dealmakers determine appropriate transaction terms. The Company has served some of the largest and most well-known venture capital firms, private equity firms and corporate acquirers across the world. “LMP’s strong network within financial services and experience investing in technology-enabled services businesses will expand and enhance our ability to offer market-leading M&A services to our clients across our increasingly global footprint,” said Paul Koenig, co-founder and CEO of SRS Acquiom. “We are experiencing strong demand for our platform of solutions from both new and existing clients, and we look forward to working with LMP to put the next phase of our strategic growth plans into action.” “The SRS Acquiom team has built out an impressive presence in the United States, and we fully support the Company’s plans to expand its product offerings and to grow internationally,” added Brad Armstrong, a Partner at LMP. “At Lovell Minnick, we have had a long and successful history of supporting portfolio companies in executing upon both organic and inorganic growth initiatives, and we believe the Company is well-positioned to grow through add-on acquisitions of complementary products and services.” SRS Acquiom’s management team will continue in their current roles and employees will continue to hold a significant investment in the Company alongside LMP. Prior investors, including Revolution Ventures and Top Tier Capital, will also participate in this transaction and will continue to support the company’s growth. “I’d like to thank our dedicated employees, our Board of Directors and all of our current shareholders for helping us to build SRS Acquiom into the market leader it is today,” said co-founder and Vice Chairman Mark Vogel. “Together, we have turned an entrepreneurial idea into a business serving blue-chip clients involved in some of the market’s most significant M&A transactions. We look forward to ongoing success and growth in partnership with LMP.” “SRS Acquiom started with a simple idea that M&A deals could be done better,” said co-founder Jason Mendelson. “The company has been passionate about that mission and has grown today into an amazing company that I am proud to have been a part of since the beginning.” Since its inception, SRS Acquiom has developed value-added, innovative products for M&A transactions, including the following: SRS Acquiom MarketStandard, a technology platform allowing deal makers to apply filters on over 150 deal attributes using the largest private target M&A deal database to help negotiate deal terms; SRS Acquiom Clearinghouse, the first and leading online M&A payments platform allowing shareholders to submit required electronic paperwork within minutes and to be paid on the same day; SRS Acquiom ComPort, a portal that provides shareholders with a summary of metrics such as transaction distributions, claims, expenses and disbursements; and, SRS Acquiom Deal Dashboard, which provides acquirers with online access for managing escrow balances, assessing shareholder payment status and reviewing summarized transaction terms for all prior transactions completed by the acquirer. Kirkland & Ellis LLP served as LMP’s legal counsel. Cowen and Company acted as exclusive financial advisor to SRS Acquiom, while Latham & Watkins LLP served as SRS Acquiom’s legal counsel. About SRS Acquiom SRS Acquiom, headquartered in Denver with offices in San Francisco, New York, Los Angeles, Chicago, Boston, London and Tel Aviv, is the global leader for managing closing and post-closing M&A activity, providing a comprehensive platform of services including shareholder representation, M&A payments and M&A risk management, including escrow administration and representation and warranty insurance brokerage. With more than 2,200 deals valued at over $340 billion, SRS Acquiom has made a business out of constant innovation with a singular purpose: helping deal parties and their advisors gain the freedom to do more. For more information, please visit www.srsacquiom.com.
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Oct 16,
2018
Worldwide Facilities Announces Organizational Restructure; Promotes Eric Stuckman and Hank Haldeman to President Roles
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10.16.18
Worldwide Facilities Announces Organizational Restructure; Promotes Eric Stuckman and Hank Haldeman to President Roles
LOS ANGELES, CA – October 16, 2018 - After a period of unprecedented growth, national wholesale insurance brokerage, managing general agent and program underwriter Worldwide Facilities announces an organizational restructuring. The company will reorganize into three divisions: Worldwide Brokerage, Worldwide MGA, and Worldwide Programs.
The driving force for this change is the significant growth that Worldwide Facilities has experienced in recent years. Having grown from about $550 million in gross written premium 3 years ago, the company now places approximately $1.5 billion in premium, with MGA and Program underwriting contributing 35% of that figure.
“We have evolved, on a deliberate and intentional basis, to a much more diversified company,” says Ronald Austin, President of Worldwide Facilities. “We now operate on three distinct distribution platforms—Brokerage, MGA, and Programs—each with separate operational and sales features and protocols. This reorganization reflects that change.”
The new structure will also enhance the company’s ability to leverage products across distribution platforms, target its growth strategy to each platform, and more effectively leverage its leadership talent.
As part of the restructure, Eric Stuckman has been promoted to President – Worldwide Brokerage, and Hank Haldeman will take on the role of President – Worldwide Programs. Emily Flores, Gary Kitchen, Gil Hine and Amicia Hine will continue to drive the national MGA strategy.
Austin comments, “Eric’s roots are wholesale brokering. During his decade-long tenure with us, he has continually grown in terms of responsibilities and contributions, most recently leading the Los Angeles production office as well as the company’s market relationship activities. His background, demonstrated skill set and energy are well suited to leading the company’s brokerage division.”
“Hank joined Worldwide Facilities as part of the Sullivan Group acquisition, and his expertise has been crucial across strategic initiatives, M&A, market relationships, and program assessment and management,” Austin adds.
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Sep 18,
2018
Worldwide Facilities Plans Acquisition of McClelland and Hine, Inc. and McClelland & Hine Trucking Underwriters LLC—4th 2018 Acquisition
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09.18.18
Worldwide Facilities Plans Acquisition of McClelland and Hine, Inc. and McClelland & Hine Trucking Underwriters LLC—4th 2018 Acquisition
LOS ANGELES, CA – September 18, 2018 - WORLDWIDE FACILITIES, LLC (“Worldwide”) and MCCLELLAND AND HINE, INC. / MCLELLAND & HINE TRUCKING UNDERWRITERS LLC, (collectively “MHI”) announce that they have entered into a Letter of Intent pursuant to which Worldwide Facilities proposes to acquire the assets of MHI. The parties anticipate completing the transaction, which is subject to certain conditions, within the next thirty days. “We are extremely pleased that Gil Hine, Amicia Hine and their team are joining our company. Gil, Amicia and the MHI leadership have done an excellent job of building a great company. Their proprietary technology and underwriting products are enormously complementary and will be beneficial to our growing platform. MHI’s business provides us with a broader geographical footprint as well as a more diversified product offering. We are very excited to partner with the MHI team and have them participate in our broad-based equity ownership plan.” commented Davis Moore, CEO of Worldwide Facilities. Gil Hine, Chairman of MHI, said, “When you first meet the leaders of an organization and your first reaction is “they are like us” and everything from then on reinforces that feeling you know you are making the right decision. For me, I feel like I did thirty-six years ago when McClelland and Hine started. Our team is just as pumped as I am to partner with Worldwide Facilities and help contribute to their continuing success.” Amicia Hine, CEO of MHI, added “Our vision for the continued success of the MHI business platform and the contribution we can make to the profitable growth of the combined companies is evident and compelling. The compatibility of MHI and Worldwide Facilities’ leadership culture, dedication to career building and professional growth of our members along with our commitment to our partners, our customers and our industry made this an obvious and exciting next step for our organization.” Marsh, Berry & Company, Inc. served as the financial advisor to MHI. About Worldwide Facilities, LLC Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com. About McClelland and Hine, Inc. / McClelland & Hine Trucking Underwriters LLC McClelland and Hine, Inc. / McClelland & Hine Trucking Underwriters LLC is a Managing General Agent and Excess and Surplus Lines Broker headquartered in San Antonio, Texas. MHI began writing business in 1982 and later expanded its operation with the opening of additional offices in Houston, Dallas and Atlanta.
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Sep 05,
2018
J.S. Held LLC Strengthens Construction Advisory Services Practice with Acquisition of Construction Process Solutions, Ltd.
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09.05.18
J.S. Held LLC Strengthens Construction Advisory Services Practice with Acquisition of Construction Process Solutions, Ltd.
JERICHO, N.Y. – September 5, 2018 – J.S. Held, a leading multidisciplinary consulting firm, today announced that it acquired Construction Process Solutions, Ltd. Construction Process Solutions (CPS) is a national construction consulting firm that provides project management support, dispute resolution services (including construction claims development and analysis), expert testimony, bond default analyses, and building forensic investigations. The acquisition complements J.S. Held’s portfolio of professional services in construction consulting and strengthens the company’s Construction Advisory division. Andrew T. Englehart, President & Director of CPS, will join J.S. Held as Senior Vice President. Michael Collins, Director of Project Support Services at CPS, joins as Vice President. Timothy J. Schap, Director of Building Forensics at CPS, also joins J.S. Held as Vice President. “Since 1995, we have focused on creating solutions to our clients’ needs throughout the construction process. Regardless of our client’s role in the design and construction process, we’ve assisted at different stages, from inception to years after completion,” said Englehart. “By joining J.S. Held, we can now provide additional resources and invaluable experience from a wide range of professionals with skills and experiences that complement our existing capabilities to benefit clients and their projects.” CPS will join the J.S. Held team of over 500 consultants around the globe. Existing CPS clients will now have access to a broader range of services as J.S. Held specializes in construction consulting, property damage assessment, surety services, project and program management, forensic engineering, and environmental, health, and safety services. “I have admired the exceptional team at CPS for many years,” said Sean Donohue, Senior Vice President and Service Line Leader for J.S. Held Construction Advisory Services. “CPS is an industry leader in construction claims, project management, and building forensic consulting, and a trailblazer in the use of technology to provide these services. This is an exciting day for J.S. Held and our growing Construction Advisory Services practice.” Founded in 1974, J.S. Held has provided specialized consulting to better address complex construction and environmental matters globally. Following its continued growth trajectory and commitment to unparalleled client service, CPS is its 15th acquisition since 2015. J.S. Held now has over 50 offices across the U.S. and Canada, Mexico, Europe, and the Middle East. About J.S. Held LLC J.S. Held is a leading consulting firm specializing in construction, forensic engineering, and environmental consulting services. J.S. Held consultants have provided their expertise on the most complex construction and environmental matters around the globe. The company serves its clients from over 50 locations throughout the U.S., Canada, Latin America, the United Kingdom, and United Arab Emirates. For more information regarding J.S. Held, please visit www.jsheld.com.
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Aug 24,
2018
TriState Capital Named to Fortune's 100 Fastest-Growing Companies List for Second Year in a Row
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08.24.18
TriState Capital Named to Fortune's 100 Fastest-Growing Companies List for Second Year in a Row
PITTSBURGH--(BUSINESS WIRE)-- August 24, 2018 -- Fortune named TriState Capital Holdings, Inc. (Nasdaq: TSC) to its annual 100 Fastest-Growing Companies list, citing the financial services company’s 30% growth in earnings per share, 19% growth in revenue and 26% total return on a three-year annualized basis. The parent company of TriState Capital Bank and Chartwell Investment Partners was one of only 46 companies making this list for the second consecutive year. TriState Capital’s national private banking, national investment management and regional middle-market commercial banking businesses also generated average annual growth in the company’s pre-tax income of 20% and net income available to common shareholders of 30% since June 2015. In addition, the bank achieved more than 20% average annual organic growth in both loans and deposits since June 2015. Chartwell grew client assets under management at an average annual growth rate of 8% over the same three year period, with investment management fees contributing to non-interest income representing nearly a third of TriState Capital’s total revenue. “Our unique financial services business model, unwavering focus on our three business lines and the clients they serve, and disciplined strategic execution by our exceptional team, all enabled TriState Capital to consistently deliver superior annual earnings growth,” Chairman and Chief Executive Officer James F. Getz said. “We are pleased to have Fortune’s 100 Fastest-Growing Companies list recognize our profitable growth for the second year in a row, and are proud to share this distinction with other high performing organizations from a variety of industries.” Fortune reported that it ranks the 100 Fastest-Growing Companies listed on major U.S. stock exchanges by “revenue growth rate, EPS growth rate, and three-year annualized total return for the period ended June 29, 2018. (To compute the revenue and EPS growth rates, Fortune uses a trailing-four-quarters log linear least square regression fit.)” More information on the list is available in the September 2018 issue of Fortune and at http://fortune.com/100-fastest-growing-companies/. ABOUT TRISTATE CAPITAL TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $5.1 billion in assets, as of June 30, 2018, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $9.6 billion in assets under management, as of June 30, 2018, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds. For more information, please visit http://investors.tristatecapitalbank.com.
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Jul 30,
2018
Lovell Minnick Partners Agrees to Acquire National Auto Care
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07.30.18
Lovell Minnick Partners Agrees to Acquire National Auto Care
Partnership with NAC Positions Nation’s Premier AutoWarranty and Vehicle Protection Leader for Continued Growth PHILADELPHIA, LOS ANGELES and NEW YORK – JULY 30, 2018 – Lovell Minnick Partners (“LMP”), a private equity firm specializing in financial and related business services companies, today announced that it has entered into an agreement to acquire National Auto Care Corporation (“NAC” or “the Company”). NAC is a diversified, nationwide provider of automotive protection products. Financial terms of the transaction were not disclosed. NAC, established in 1984 and acquired by Trivest Partners in 2012, is headquartered in Jacksonville, Florida. NAC is one of the longest operating providers of products such as vehicle service contracts, guaranteed asset protection, limited warranty, tire, wheel and a full suite of ancillary protection products nationwide. Through its independent agents, NAC supports over 2,300 partners that distribute its products. These include automobile dealers, credit unions, financial services companies, recreational dealers and other strategic partners across North America. Additionally, the Company has unique value enhancing services that support its distributors with their branding, marketing and sales activities. “NAC is the premier national market leader in developing innovative products that help protect consumers from a wide range of risks that can arise with Vehicle or Power Sport ownership,” said Trevor Rich, a Partner at LMP. “We look forward to partnering with President and CEO Tony Wanderon, who is an accomplished veteran and innovator in the automotive protection industry, and his experienced team at NAC, as our investment positions the Company to aggressively pursue acquisitions that complement its strong growth trajectory.” NAC has invested significantly in the development and implementation of proprietary and third-party technology over the past four years, empowering its dealer and distributor partners with digital contract remittance and customized support services. In addition, the Company provides its distributor partners with a unique variety of support services and incentive programs that drive customer loyalty and strengthen their agency value. “LMP has strong experience investing in service-oriented businesses across the finance and insurance value chain that will prove invaluable as NAC builds upon our flexible and customized solutions to support our agency distributor partners in driving sales and profitability,” said Wanderon. “We believe LMP’s expertise in identifying and negotiating strategic transactions will add significant value to our acquisition strategy.” “Since our investment 6 years ago, NAC has grown to be one of the premier providers in the F&I space, and we are extremely proud of our partnership and investment in such an exciting company. We are confident that NAC and the management team are well positioned for continued growth and success through their partnership with LMP,” said Troy Templeton, Managing Partner at Trivest Partners. LMP has a strong record of investing in and building fast-growing businesses across the insurance value chain, including J.S. Held, a specialty advisory firm providing property loss consulting, dispute resolution and construction and development services, and Worldwide Facilities, LLC, one of the largest wholesale insurance brokerage companies in the U.S. Houlihan Lokey served as financial advisor to NAC and Trivest, and Sandler O’Neill was advisor to LMP. Madison Capital Funding LLC and NewStar Financial, Inc. are providing debt financing for the transaction. The transaction is expected to close in the third quarter of 2018. About National Auto Care Corporation National Auto Care Corp. provides F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators, and credit unions. National Auto Care focuses on increasing agent and dealer profitability by providing unique F&I products in protected markets. National Auto Care was recently named a Top Workplace in Central Ohio for the third year running and was honored with a 2018 Dealer’s Choice Platinum Award for F&I Products. For more information, visit www.nationalautocare.com. About Trivest Partners Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 250 transactions, totaling in excess of $6.0 billion in value. For additional information, please visit www.trivest.com.
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Jul 12,
2018
J.S. Held Expands Global Presence with Leach Group & Comando Ingenieria Acquisitions
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07.12.18
J.S. Held Expands Global Presence with Leach Group & Comando Ingenieria Acquisitions
Global Service Offering Expanded with Addition of UK-Based Commercial Support Services Company and Mexico-Based Specialized Construction Consulting FirmJERICHO, N.Y. – July 12, 2018 – J.S. Held, a leading multidisciplinary consulting firm, announced today that it has officially entered the global market with the acquisitions of Leach Group and Comando Ingenieria. With the partnership of these two international companies, J.S. Held will be able to provide a greater depth of specialized services to clients throughout the globe. As a prominent firm based in the United Kingdom, Leach Group has been providing commercial support services to contractors and employers in the construction industry since 1946. Leach has teams of experienced professionals available to support and assist clients throughout Europe, the Middle East and beyond from its offices in the United Kingdom & Abu Dhabi. Effective immediately, Leach Group will change its name to “Leach Group, a part of J.S. Held” with plans to rebrand under the J.S. Held name in the future. “The combination of J.S. Held and Leach Group will allow us to support and serve our clients with a wider range of services,” said Melvyn D. Smith, Managing Director of Leach Group. “We at Leach Group share the belief system and level of customer dedication that J.S. Held exemplifies, and together we will be able to offer our combined specialty services to an international customer base.” Mexico City based construction consulting firm Comando Ingenieria has offered building supervision and insurance services with a focus on damage valuation in Latin America since 1986. A well-known name in the field of damage assessment, Comando has extensive experience assessing damage to buildings and other infrastructure resulting from disasters or catastrophic events. Comando Ingenieria will rebrand as “J.S. Held Mexico.” “We at Comando Group are proud to join J.S. Held to offer our joint services in the global marketplace,” said Raul Losana Alvarado, General Director of Comando. “With our combined expertise, our clients will have a comprehensive solution for a variety of specialty construction and engineering matters.” “J.S. Held is very pleased to be able to serve clients throughout the global market with the addition of Leach Group and Comando Ingenieria,” said Jon Held, President and Chief Executive Officer of J.S. Held. “Both companies are very highly regarded in their respective fields, and we believe that they will make outstanding additions to our team.” Continuing a trajectory of strong growth, Comando and Leach Group are the 13th and 14th acquisitions made by J.S. Held following a 2015 investment from Lovell Minnick Partners, a private equity firm that specializes in investing in financial and related business services companies. Previous acquisitions include Applied Environmental Health & Safety (AEHS), Bracken Engineering, Antonucci Consulting Corp., Donohue Consulting, Leighton Associates, Spex, Meridian Consulting, CEIPS, U.S. HELM, Lovett Silverman Construction Consultants, Inc., the Property Loss Division of Chroma Building Corp., and Wakelee Associates. Since 1974, J.S. Held has added the capabilities of specialized consulting businesses to better address complex construction and environmental matters globally. J.S. Held now has over 500 professionals and over 50 offices across the U.S., Canada, Mexico, United Kingdom and Abu Dhabi. About J.S. Held LLC J.S. Held is a leading consulting firm specializing in construction, forensic engineering, and environmental consulting services. J.S. Held consultants have provided their expertise on the most complex construction and environmental matters around the globe. The company serves its clients from over 50 locations throughout the U.S. and Canada. For more information regarding J.S. Held, please visit www.jsheld.com.
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May 31,
2018
Worldwide Facilities Acquiring RIC Insurance General Agency, Inc.
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05.31.18
Worldwide Facilities Acquiring RIC Insurance General Agency, Inc.
LOS ANGELES, CA – May 31, 2018 - Worldwide Facilities, LLC, a national wholesale insurance brokerage, program manager and managing general agency, announces that it is acquiring the assets of RIC Insurance General Agency, Inc. (“RIC”), a wholesale insurance broker and managing general agent specializing in small to medium-sized commercial business as well as personal lines business. RIC will continue to maintain its client and market relationships and commitments as a division of Worldwide Facilities. “We are pleased that the RIC team will be part of Worldwide Facilities. The combination of our complementary products, capabilities and market specialties will increase the relevance of the combined companies to the retail agent community,” says Davis Moore, CEO of Worldwide Facilities. Gary Kitchen, CEO of RIC, adds, “The RIC team is excited to become part of the expanding Worldwide Facilities brand. We’re looking forward to helping the combined company continue to execute a growth strategy for the benefit of customers, markets and employees. We look forward to being a great asset to the organization and are excited to capitalize on the opportunities.” PhiloSmith, a private investment banking firm specializing in insurance and financial services, advised RIC in the transaction. About Worldwide Facilities, LLC Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com. About RIC Insurance General Agency, Inc. RIC Insurance General Agency, Inc. is a wholesale insurance brokerage and managing general agency with office locations across the western United States. It offers Admitted and Non-Admitted Property and Casualty products, including: Commercial / Excess and Surplus, Specialty, Personal Lines, Workers’ Compensation / Access State Fund, and Transportation / Auto. For more information, please visit ric-ins.com.
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May 22,
2018
TriState Capital Announces Public Offering of Common Stock by Selling Shareholders
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05.22.18
TriState Capital Announces Public Offering of Common Stock by Selling Shareholders
PITTSBURGH--(BUSINESS WIRE)--TriState Capital Holdings, Inc. (Nasdaq: TSC) today announced that affiliates of Lovell Minnick Partners LLC (collectively, “Lovell Minnick”) have agreed to sell 2,200,000 shares of TriState Capital common stock in an underwritten public offering. Keefe, Bruyette & Woods, Inc., A Stifel Company, is acting as the sole book-running manager for the offering. TriState Capital is not selling any stock in this transaction and will not receive any proceeds from the secondary offering.
Lovell Minnick funds have been equity investors in TriState Capital since August 2012. Upon completion of the offering Lovell Minnick is expected to continue to own approximately 9% of the Company’s outstanding common stock. Lovell Minnick Co-Chairman James E. Minnick also remains a member of TriState Capital’s Board of Directors.
The shares are being offered pursuant to a shelf registration statement (File No. 333-222074) under the Securities Act of 1933, as amended, which has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on December 21, 2017. The offering is being made only by means of a prospectus supplement and accompanying prospectus. Potential purchasers of our common stock should consider carefully the information contained in the preliminary prospectus supplement and the accompanying prospectus and other documents that TriState Capital has filed with the SEC for more complete information about TriState Capital and the offering. Copies of the registration statement, prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge by visiting the SEC’s website at www.sec.gov, or may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, NY, NY 10019, or by calling 800-966-1559.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $4.7 billion in assets as of March 31, 2018, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary has more than $9 billion in assets under management, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including with respect to the timing and size of the offering, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to those that are described in the “Risk Factors” section of the preliminary prospectus supplement for this offering and the sections titled “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in TriState Capital’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as well as in other filings that TriState Capital makes with the SEC from time to time (which are available at www.sec.gov). The events and circumstances discussed in such forward-looking statements may not occur, and TriState Capital’s actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to TriState Capital as of the date of this release.
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