Oct 04,
2016
361 Capital To Acquire Award-Winning BRC Investment Management
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10.04.16
361 Capital To Acquire Award-Winning BRC Investment Management
Adding proven investment experience and institutional clientsDenver, CO (October 4, 2016) – 361 Capital, a leading boutique asset manager offering alternative strategies to institutions, investment advisors and their clients, today announced the strategic acquisition of BRC Investment Management, LLC. BRC Investment Management is a global equity asset manager focused on delivering innovative, behavioral-based solutions to its clients. BRC Investment Management is a pioneer in developing proprietary algorithms designed to monetize market inefficiencies in order to pursue consistent alpha for client portfolios. BRC Investment Management brings unique and complementary investing skills and time-tested strategies, including large, mid and small cap, as well as Japanese All-Cap Equity to 361’s product offering. “We are thrilled to be adding BRC Investment Management’s highly experienced team to further our vision of being a world-class investment management firm specializing in distinctive solutions rooted in behavioral finance,” said Tom Florence, President and Chief Executive Officer of 361 Capital. “Incorporating BRC Investment Management into our platform broadens our capabilities and expands our distribution footprint across both institutional and intermediary channels.” “361 Capital’s highly regarded industry reputation and similar focus greatly expands our opportunity to drive meaningful alpha for our institutional clients and for a wider range of new investor portfolios,” said John Riddle, Managing Principal and Chief Investment Officer of BRC Investment Management. “Both organizations have a strong research-oriented approach and look to capitalize on the many biases and heuristics that drive investor decisions.” The transaction is expected to close by October 31, 2016, and upon completion of the acquisition the firms will combine under the 361 Capital name. About 361 Capital 361 Capital is an award-winning* boutique asset manager focused on delivering an array of innovative alternative investment strategies to institutions, financial intermediaries and their clients. Founded in 2001, the Firm specializes in creating distinctive portfolio solutions using behavioral-driven, quantitative methods to help advisors and institutions better understand and manage portfolio risk. 361 Capital is majority employee-owned and has strategic partnerships with Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services companies, and Lighthouse Investment Partners, which invested in the business in 2014. For more information, call 866.361.1720 or visit www.361capital.com. About BRC Founded in 2005, BRC Investment Management (Bounded Rationality Concepts) is a global equity asset manager focused on delivering innovative, behavioral-based solutions to its clients. The Firm is a pioneer in developing proprietary algorithms designed to monetize behavioral biases and market factors in order to pursue consistent alpha for client portfolios. BRC was formed as a result of an amicable separation of the U.S. equity investment team from Duff & Phelps Investment Management Co. BRC utilizes the same U.S. equity investment philosophy, process and performance track record that dates back to 1996. *Awards: WealthManagement.com 2016 Industry Awards, Winner & 2015 Industry Awards, Finalist: Alternative Asset Manager, http://awards.wealthmanagement.com. The WealthManagement.com Industry Awards recognizes the alternatives asset manager that has made an ‘outstanding contribution’ in adding a new initiative/program or enhancing an existing platform that improves advisors’ understanding, usage, & portfolio management of alternatives. Investment Advisor-Prima Capital’s 8th annual Separately Managed Account Managers of the Year – BRC Investment Management named 2012 U.S. Large-Cap Equity SMA Manager of the Year. The SMA Managers of the Year awards recognize those products that have at least $200 million in assets and have tenured management of at least three years. Products and managers must rate highly according to Prima’s due diligence process, which uses a proprietary, systematic, multifactor manager evaluation methodology that combines both quantitative and qualitative criteria. There are 13 factors that the Prima analysts consider before recommending the finalists for SMA Managers of the Year, including performance, firm, people, process, style, customer service, tax efficiency and composite.
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Oct 03,
2016
Lovell Minnick Partners Names Joseph Velli A Senior Advisor
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10.03.16
Lovell Minnick Partners Names Joseph Velli A Senior Advisor
RADNOR, PA and LOS ANGELES – OCTOBER 3, 2016 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced that Joseph Velli will become a Senior Advisor to the firm. Velli is a veteran senior executive in the financial services and transaction processing industries. He spent most of his career at The Bank of New York (now BNY Mellon) as a Senior Executive Vice President and a member of the bank’s Senior Policy Committee, and most recently served as the Chairman and CEO of Convergex Group, a global provider of execution, software and technology services.
Velli’s career has been devoted to creating, managing and building businesses focused on servicing, processing, payment, record-keeping, consumer banking, institutional and retail brokerage, and software platforms. He will assist Lovell Minnick in the evaluation and due diligence of investment opportunities within asset management, custody and related services, as well as bank divestitures, transaction processing and technology enabled businesses.
“Joe brings a unique combination of leadership skills, operational talents and extensive experience with financial services and technology-enabled businesses,” said Steve Pierson, President and Partner of Lovell Minnick Partners. “I know from long experience that Joe’s strong relationships throughout the global financial services community will also be additive to our sourcing and portfolio company growth initiatives.”
Velli, 58, will join a group of three current Senior Advisors at the firm, including Michael Dura, a former executive at National Financial Services, a Fidelity Investments company; Heinz Hockmann, a former Commerz Bank AG executive; and Alan Warrick, a former Aegon executive.
“I am excited to join Lovell Minnick at a time when tremendous technological change in the financial services industry is creating strong demand for the deep sector expertise and business growth capabilities of the firm,” said Velli. “I look forward to working closely with the talented team to identify and seize new opportunities and build businesses.”
During his 22 year tenure with The Bank of New York, Velli, in addition to running some of the bank’s biggest businesses, also played a key role in over 50 acquisitions including the $2 billion acquisition of Pershing, and the spin-out of the bank’s institutional brokerage businesses. Velli oversaw numerous initiatives, including creating and building the world’s largest ADR business, creating the first ETF-like product known as a stapled ADR, and building the bank’s Issuer Services, Clearing and Global Liquidly Businesses. Velli began his finance career at Citibank.
Velli also has considerable public company board experience, currently serving on the Boards of Directors of Paychex and Computershare. Previously Velli served on E*TRADE Financial Corporation and American Management Systems Boards. Velli has also served on various private boards.
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Sep 30,
2016
J.S. Held Acquires Environmental Consulting Business U.S. HELM
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09.30.16
J.S. Held Acquires Environmental Consulting Business U.S. HELM
Addition of Environmental Services Group Will Expand Service OfferingJERICHO, N.Y. and NEW ORLEANS, L.A. – September 30, 2016 – J.S. Held LLC, a leading national, full service construction consulting firm, today announced the acquisition of U.S. Health and Environmental Liability Management, LLC (“U.S. HELM”). Tracey Dodd, founder and principal of U.S. HELM, joins J.S. Held as Executive Vice President and National Director of Health and Environmental Services. Financial terms of the private transaction were not disclosed. U.S. HELM is a national leader in environmental risk assessment, corrective action, industrial hygiene, safety and environmental consulting. The company will operate as the “Health and Environmental Services” business practice group of J.S. Held, which will provide rapid response onsite services, environmental risk management, insurance and litigation support, property analysis, vulnerability assessments, and other services that minimize corporate liability concerns. “The combination of our two strong, well-respected brands under one umbrella enables us to serve our clients with a broader range of service offerings,” said Jon Held, President and Chief Executive Officer of J.S. Held. “The proven capabilities of U.S. HELM’s extensive scope of environmental service offerings ensures we can meet the environmental and safety management needs of our clients to mitigate their risks while controlling losses.” Dodd and Tom Sumner, a Principal at U.S. HELM, will assist with running the Health and Environmental Services business reporting to Adrian Frank, Executive Vice President of Corporate Operations at J.S. Held. “J.S. Held and U.S. HELM share a commonality among clients and projects that is highly complementary, so we are very excited to join forces,” said Dodd. “We look forward to working closely with the team as we further expand our environmental, safety, and industrial hygiene consulting footprint throughout the U.S.” High profile work performed by U.S. HELM includes assessing and managing complex spill response efforts and natural resource damage restoration efforts in the Gulf of Mexico, damage assessment and remediation design and oversight of the New Orleans Superdome and Convention Center following Hurricane Katrina, and the Mercy Regional Medical Center response efforts following the tornado in Joplin, Missouri. This acquisition is the fourth acquisition J.S. Held has made since receiving a controlling investment in 2015 from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services companies. Previous acquisitions include Lovett Silverman Construction Consultants, Inc., the Property Loss Division of Chroma Building Corp., and Wakelee Associates, LLC. J.S. Held now has 33 offices across the U.S. and Canada. About J.S. Held Established in 1974, J.S. Held is a leading construction consulting firm specializing in property damage consulting, construction claims consulting, project and program management and dispute resolution services. J.S. Held’s consultants have provided their expertise on more than 100,000 commercial, industrial, high rise, special structures, governmental, residential, and infrastructure construction matters globally. The company serves its clients from over 30 locations throughout the U.S. and Canada. For more information regarding J.S. Held, please visit www.jsheld.com. About U.S. HELM New Orleans-based U.S. HELM is one of the nation’s leading providers of environmental risk identification, evaluation and mitigation services for the industrial, manufacturing, exploration and production, and transportation sectors. Founded in 2003, U.S. HELM offers demanding clients a wide array of environmental and industrial hygiene services including risk assessment, litigation support, regulatory compliance, process safety management, emergency response, homeland security, indoor and outdoor air quality and vegetative and ecosystem restoration. U.S. HELM has an extensive business footprint across the United States.
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Sep 14,
2016
Lincoln Investment Announces Acquisition Of The Legend Group From Cetera Financial Group
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09.14.16
Lincoln Investment Announces Acquisition Of The Legend Group From Cetera Financial Group
Transaction Reinforces Lincoln Investment’s Commitment to Retirement Plan Advice Space, and Underscores Cetera’s Commitment to Driving a More Focused Advisor Experience Through Full-Service Retail Broker-DealersLos Angeles, CA and Fort Washington, PA – Lincoln Investment Capital Holdings, LLC and Cetera Financial Group today announced the signing of a definitive agreement for for the divestiture of Legend Group Holdings, LLC (“The Legend Group”) by First Allied Holdings, Inc., a Cetera affiliate, to Lincoln Investment Capital Holdings, LLC. Financial terms of the transaction, which is expected to close by early next year subject to regulatory approval, were not disclosed. Lincoln Investment Capital Holdings, LLC is the parent company of Lincoln Investment Planning, LLC (“Lincoln Investment”), a leading full-service independent broker-dealer and registered investment adviser. The Legend Group includes an independent broker-dealer and registered investment adviser focused on supporting the delivery of professional guidance by financial advisors to 403(b) plans, the retirement savings plan that is typically available to employees of public education organizations and non-profits across the country. Under the terms of the transaction, Lincoln Investment Capital Holdings, LLC will acquire the common interests and assets of The Legend Group Holdings, LLC. The independent financial advisors supported by The Legend Group will transition to Lincoln Investment and continue to leverage The Legend Group brand. The Legend Group’s headquarters office in Palm Beach Gardens, FL, will continue to operate as part of Lincoln Investment. “We are excited to welcome The Legend Group’s financial advisors to Lincoln Investment as it pairs two well-resourced partners who share a longstanding commitment to the retirement plan market,” said Ed Forst, president and chief executive officer of Lincoln Investment. “This is a transaction that enhances our scale, and by extension, our ability to remain independent, while positioning Lincoln Investment to compete more effectively in the mass affluent to high net worth investor space.” Lincoln Investment received an investment in June 2015 from Lovell Minnick Partners, an independent private equity firm specializing in financial services and related business services companies in the middle market. Mr. Forst continued, “The combined business will be over 1,100 financial advisors strong supporting over $30 billion in client assets and have a total of 100 years of industry experience, placing Lincoln Investment among the top 25 independent broker-dealers and RIAs in the U.S.” Robert Moore, chief executive officer of Cetera, said, “We are very pleased with this divestiture, which underscores our renewed focus to build upon our successful track record of helping advisors and institutions deliver holistic wealth management solutions for their clients on a full-service basis. As publicly disclosed earlier this year, our exploration of a potential sale of The Legend Group was guided by our plan to exit businesses that were not core to our future growth plans, combined with our commitment to identify a transaction opportunity with a company that understands and supports The Legend Group’s unique strengths in the 403(b) plan space. We see this transaction as a very positive development for the advisors and institutions Cetera supports, as well as the advisors affiliated with The Legend Group.” For this transaction, Lazard served as financial advisor to Cetera. About Cetera Financial Group Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions. Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit www.ceterafinancialgroup.com. * “Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services. About Lincoln Investment Lincoln Investment Planning, LLC is a leading full-service independent broker/dealer and registered investment adviser providing investment, wealth and retirement planning services nationwide through a network of financial advisors. The company currently has more than 300 employees and over 800 financial advisors with 300 branches in 34 states. Lincoln Investment serves over 270,000 individual investors, with over $24 billion in assets including over $10.6 billion in fee-based assets and provides retirement plan services to employees of more than 2,500 employers nationwide. For more information, visit www.lincolninvestment.com. About The Legend Group The Legend Group Holdings, LLC includes Legend Equities Corporation, an independent broker-dealer, and Legend Advisory Corporation, a registered investment adviser. The Legend Group empowers the delivery of quality investment solutions and personalized service by financial advisors with a primary focus on the 403(b) plan space. The Legend Group provides investment solutions for retirement, education savings plans, insurance needs, income generation and professional portfolio management. For more information, visit www.legendgroup.com.
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Jun 23,
2016
J.S. Held Expands Into Surety Services With Acquisition Of Lovett Silverman
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06.23.16
J.S. Held Expands Into Surety Services With Acquisition Of Lovett Silverman
JERICHO and HAUPPAUGE, NY – June 23, 2016 – J.S. Held LLC, a leading, national, full service construction consulting firm, today announced the acquisition of Lovett Silverman Construction Consultants, Inc. John J. Lovett, President of the firm, joins J.S. Held as Senior Vice President and National Director of Surety Services. Financial terms of the private transaction were not disclosed. Lovett Silverman is a premier construction surety claims consulting firm, specializing in construction claims analysis, Critical Path Method scheduling, expert witness and litigation support, property inspection, and risk analysis. The company will operate as “Lovett Silverman,a J.S. Held Company”. Lovett Silverman executives Anthony Lardaro and Richard Sexton will continue their leadership roles as Vice Presidents in the New York and Orlando Offices, respectively. Lovett Silverman’s Ramsey, NJ operations are not included in the transaction. “We have sought to enter the surety services sector for some time and are excited to unite our strong teams under one umbrella,” said Jon Held, President and Chief Executive Officer of J.S. Held. “We will be able to offer a wider range of services to our clients, while further scaling our business.” “We have provided different services to shared clients for many years, and the J.S. Held platform gives us the ability to build a national surety practice and enhance our project scheduling services,” said Lovett. “We share a dedication to high quality client service and look forward to working closely with Jon and his team.” This acquisition is the third acquisition J.S. Held has made since receiving a controlling investment in 2015 from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services companies. Previous acquisitions include the Property Loss Division of Chroma Building Corp., and Wakelee Associates, LLC, a construction and mitigation consulting firm. J.S. Held now has 33 offices across the United States and Canada. Corporate Fuel Advisors served as financial advisor, and SilvermanAcampora LLP acted as legal counsel to Lovett Silverman. Morgan Lewis & Bokius, LLP served as legal counsel to J.S. Held. About J.S. Held LLC Established in 1974, J.S. Held is a leading construction consulting firm specializing in property damage consulting, construction claims consulting, project and program management and dispute resolution services. J.S. Held’s consultants have provided their expertise on more than 100,000 commercial, industrial, high rise, special structures, governmental, residential, and infrastructure construction matters globally. The company serves its clients from over 30 locations throughout the U.S. and Canada. For more information regarding J.S. Held, please visit www.jsheld.com. About Lovett Silverman Lovett Silverman Construction Consultants provides quality services and a standard of care that are the best in the industry. The company’s national network of diverse professionals has earned the trust and respect of a number of America’s leading owners, corporations, sureties, law firms, financial institutions, insurance companies and government agencies. Over the years, Lovett Silverman has consulted on thousands of jobs with a combined value of tens of billions of dollars.
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May 10,
2016
Lovell Minnick Partners Names Steven Pierson As President And Partner
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05.10.16
Lovell Minnick Partners Names Steven Pierson As President And Partner
RADNOR, PA and LOS ANGELES – MAY 10, 2016 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced that Steven C. Pierson will join the firm as President and Partner. Mr. Pierson, who will start his duties at Lovell Minnick in June, comes to the firm from UBS, where he most recently served as the Head of FIG Investment Banking Americas and Global Head of Financial Technology & Services. He was also a member of the investment committee for the UBS FinTech Strategic Investment Group.
“On behalf of our partners, we are delighted to welcome Steve Pierson to Lovell Minnick, and to the already strong financial services investment team at our firm,” said Co-Chairmen Jeffrey D. Lovell and James E. Minnick in a joint statement. “We have been privileged to work closely with Steve over many years and have been continually impressed by his superior investment acumen and professional skills. He brings to Lovell Minnick an enviable record of success and a deep network that will elevate our existing capabilities in the sectors where we are focused on investing our fourth institutional fund, including financial technology.” Lovell Minnick Equity Partners IV closed last October, reaching its cap of $750 million in commitments.
Mr. Pierson, 49, is a 21-year investment banking veteran who has focused his entire career on financial institutions and the financial technology sector. Prior to joining UBS in 2013, Mr. Pierson served as Vice Chairman and Co-Head of FIG Investment Banking Americas at Credit Suisse. He began his investment banking career at Putnam Lovell Securities in 1995 where he rose to become head of its investment banking division.
“I am very excited to join the talented and experienced team at Lovell Minnick at a time when we see attractive investment opportunities for the new fund in financial services and related business services and technology,” said Mr. Pierson. “It is wonderful to be re-united with Jeff and Jim, and to join my new partners in extending the firm’s track record of success. I leave UBS with extremely fond memories and wish the FIG team continued success. I expect to continue to work with UBS in an advisory capacity and welcome UBS’s support of Lovell Minnick’s financial services investment efforts.”
In recent years, Mr. Pierson has played a key role handling numerous prominent large-cap and middle-market financial services transactions, including the $30 billion merger of the London Stock Exchange with Deutsche Borse; Barclay’s acquisition of Lehman Brothers; State Street’s $4.5 billion acquisition of Investor’s Bank & Trust; the $3 billion acquisition of Worldpay from RBS on behalf of Advent International and Bain Capital Private Equity; the $530 million sale of the Hull Group to Goldman Sachs; and, the sale of Brundage, Story & Rose to Bessemer Trust Co. He also worked on the initial public offerings of CETIP, Flow Traders, MARKIT, Moelis & Company and Virtu Financial.
Mr. Pierson earned his MBA at the Fuqua School of Duke University and holds a BS in Finance & Management from Virginia Tech University. Mr. Pierson will join Lovell Minnick’s Board of Managers and become a member of its investment committee.
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May 05,
2016
Worldwide Facilities Acquires Sloan Mason
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05.05.16
Worldwide Facilities Acquires Sloan Mason
Expands Presence in the Energy Market
LOS ANGELES AND SAN DIEGO, CA – May 5, 2016 – Worldwide Facilities, a national wholesale brokerage and managing general agency, today announced an agreement to acquire Sloan Mason Insurance Services, a wholesale insurance broker specializing in coverage placements for the energy and energy related businesses. Paul Mason and his team will join Worldwide Facilities.
This acquisition represents a significant expansion of Worldwide Facilities’ footprint in the energy space, where Sloan Mason has extensive contacts and specialized knowledge. It will also broaden the markets and products available to the retail brokers and agents served by Worldwide Facilities.
“Sloan Mason’s specialized business model and industry verticals match well with our growing specialty product practice groups. Paul built a great business, and we are very pleased to have him and his team join our organization” said Davis Moore, Chief Executive Officer of Worldwide Facilities.
Mason, who founded Sloan Mason in 2001 and has served as its President, brings extensive expertise in placing commercial insurance for retail insurance agents and brokers in the areas of energy and environmental. He will assume a leadership position as Executive Vice President with Worldwide Facilities in the new San Diego office.
“On behalf of my team, we are excited to become part of the expanding brand Worldwide Facilities has created. With technical and market expertise in our specialty areas, we know we will be a great asset to the organization and are excited to capitalize on the opportunities,” says Mason.
In 2015, Worldwide Facilities received an investment from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services.
About Worldwide Facilities, LLC
Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Our seasoned brokers and underwriters are industry leaders in providing expertise in a wide range of specialty lines, and offer extensive contacts with carriers domestically and overseas.
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Mar 28,
2016
Mercer Advisors And Kanaly Trust Merge To Create One Of The Largest Independent Wealth Managers In The US
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03.28.16
Mercer Advisors And Kanaly Trust Merge To Create One Of The Largest Independent Wealth Managers In The US
SANTA BARBARA, Calif. and HOUSTON, March 28, 2016 — Mercer Advisors and Kanaly Trust, two leading wealth management firms, today announced that they have reached a definitive agreement to merge. Upon the merger completion, the combined company will manage assets exceeding $8 billion making it one of the largest independent wealth managers in the United States. Terms of the private transaction were not disclosed. The combined company will be led by David H. Barton, Chief Executive Officer of Mercer Advisors. Mercer Advisors was acquired by Genstar Capital, a private equity firm, last year. Kanaly Trust is owned by Lovell Minnick Partners, a private equity firm that invests in the financial and related business services sectors, which will retain a stake in the combined company. Mercer Advisors is a total wealth management firm that provides fee-only comprehensive investment management, financial planning, family office services, retirement benefits and distribution planning, estate planning, and tax management services. Based in Santa Barbara, Mercer has over $6 billion in assets under management and more than 5,000 clients. Kanaly Trust provides comprehensive wealth management and financial planning and trust/estate services to families, individuals, and estates. The Houston-based company manages and advises on assets totaling over $2 billion on behalf of more than 500 families, and serves as the trustee or executor for estates totaling more than $2.5 billion. “This transaction brings together two great companies and creates a strong partnership of people who have the benefit of a stronger platform from which to offer expanded services with the personal and customized service clients demand,” said Barton. “Genstar has been instrumental in helping us rapidly grow our company, and we are well-positioned to build on our momentum. Paramount in Kanaly Trust’s decision to join Mercer Advisors was our shared commitment to the highest level of service, which makes this combination such a great fit.” “The merger with Kanaly Trust is a significant step forward towards scaling a national wealth management firm to a broader base of sophisticated clients,” said Anthony J. Salewski, a Managing Director at Genstar. “This transaction combines the complementary resources of two important players, and we are excited about this transformative partnership. We are pleased with Mercer Advisors’ progress, led by Dave, and we plan to continue to invest in and support the company as it continues to build its presence in the wealth management sector.” “This merger brings together two world-class wealth management firms, which will allow us to expand client resources beyond the high-levels we have today,” noted Drew Kanaly, Chairman of Kanaly Trust. “Our extensive experience working with high-net-worth entrepreneurs and executives, and family offices is highly complementary to Mercer Advisors, and this partnership will allow us to provide those services on a national level.” “The talented Kanaly Trust team remains focused on providing high touch, highly personalized financial advice and customized solutions, which we believe will continue to be in high demand among clients,” said James E. Minnick, Co-Chairman of Lovell Minnick Partners. “We look forward to our continued involvement and support in working with Mercer and Kanaly in growing the combined company.” Moelis & Company LLC served as financial advisor, and Davis Graham & Stubbs LLP acted as legal counsel, to Kanaly Trust. Willkie Farr & Gallagher LLP served as legal counsel to Mercer Advisors. The merger is subject to customary regulatory approval. About Mercer Advisors Established in 1985, Mercer Advisors Inc. is a total wealth management firm that provides fee-only comprehensive investment management, financial planning, family office services, retirement benefits and distribution planning, estate planning, and tax management services to affluent individuals. Mercer Advisors is the parent company of Mercer Global Advisors, one of the largest Registered Investment Advisors and financial planning firms in the U.S. with over $6 billion in assets under management and more than 5,000 clients. Headquartered in Santa Barbara, California, Mercer Advisors is privately held, has over 175 employees and operates nationally with 19 branch offices across the country. For more information about Mercer Advisors, visit www.merceradvisors.com. About Kanaly Trust, LTA Kanaly Trust is a comprehensive wealth management firm managing and advising over $2 billion of assets. Based in Houston, the firm was founded in 1975 by Deane Kanaly. Since its founding, Kanaly has been committed to serving clients as their trusted advisor providing a full array of investment, financial & estate planning, and trustee services. For more information, visit www.kanaly.com. About Genstar Capital LLC Genstar Capital ( www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.
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Jan 04,
2016
J.S. Held Acquires Wakelee Associates
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01.04.16
J.S. Held Acquires Wakelee Associates
JERICHO, NY and HACKENSACK, NJ – January 4, 2016 – J.S. Held LLC, a leading national construction consulting firm providing specialized services to the insurance industry, today announced the acquisition of Wakelee Associates, LLC. Timothy Woods, Wakelee’s President, joins J.S. Held as Executive Vice President. Financial terms of the private transaction were not disclosed. Based in Hackensack, NJ, Wakelee Associates is an 18-person construction and mitigation consulting firm providing cost and time analysis of residential, commercial and industrial property damage, and owner’s representative services to its clients. “We are excited to welcome Tim and the entire Wakelee staff of energetic and knowledgeable professionals to our team,” said Jon Held, President and Chief Executive Officer of J.S. Held. “Joining forces with Wakelee allows us to deepen our bench in the Northeast in serving the needs of clients.” “The expert services of J.S. Held and their successful project management discipline clearly align with our approach, and that creates a great home for our clients and our people,” said Woods. “We’re confident that joining J.S. Held will contribute significantly to our ability to provide an even more comprehensive range of services to clients. We look forward to working closely with Jon and his team.” Earlier in 2015, J.S. Held received a controlling investment from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services companies. In July 2015, J.S. Held announced the acquisition of the Property Loss Division of Chroma Building Corp. and the addition of industry veteran Doug DePhillips to the management team. EMA Partners, LLC served as financial advisor, and Cole Schotz, P.C. acted as legal counsel to Wakelee Associates. Morgan Lewis & Bokius, LLP served as legal counsel to J.S. Held. About J.S. Held LLC Established in 1974, J.S. Held is a leading construction consulting firm specializing in property loss analysis, estimating, scheduling, construction claims advisory services, project management, and dispute resolution services. J.S. Held’s consultants have provided their expertise on more than 100,000 commercial, industrial, high rise, special structures, governmental, residential, and infrastructure construction matters globally. The Company serves its clients from over 25 locations throughout the U.S. and Canada. For more information regarding J.S. Held, please visit www.jsheld.com. About Wakelee Associates, LLC Wakelee Associates ( www.wakeleellc.com) is dedicated to assisting insurance professionals and attorneys throughout the U.S. with resolving claims quickly, accurately and equitably. Wakelee has extensive experience in construction estimating, project management, dispute resolution, and job site monitoring. The company provides accurate and reliable cost and time analysis of commercial, industrial and residential property damage due to fire, water, earthquake, floods, hurricanes and other disasters.
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Dec 16,
2015
TriState Capital To Expand Investment Management Business With Acquisition Of The Killen Group
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12.16.15
TriState Capital To Expand Investment Management Business With Acquisition Of The Killen Group
Strategic acquisition increases Chartwell Investment Management’s revenues to more than $44 million and AUM to more than $10 billionPITTSBURGH – Dec. 16, 2015 – TriState Capital Holdings, Inc. (NASDAQ: TSC) entered into a definitive asset-purchase agreement to acquire The Killen Group, Inc. (TKG), an investment management firm and the advisor to The Berwyn Funds. “This transaction creates an investment management firm with annual revenues approaching $50 million and more than $10 billion in assets under management, as part of our well-defined strategy for growing our Chartwell Investment Partners business into a world-class asset manager,” TriState Capital Chief Executive Officer James F. Getz said. “We have an exceptional opportunity to combine Killen’s highly credible investment performance, particularly by the Morningstar five-star rated Berwyn Income Fund, with our proven national financial services distribution model to meaningfully accelerate growth in client assets, while enhancing Chartwell’s retail and institutional offerings through The Berwyn Funds.” Together, TKG and TriState Capital’s Chartwell Investment Partners subsidiary would have pro forma investment management fees of $44.3 million, representing 38% of total company revenue, for the 12 months ending Sept. 30, 2015, as well as a weighted average fee rate of 0.41% during the period. TKG and Chartwell’s pro forma assets under management would total $10.1 billion at Sept. 30, 2015. The value of the all-cash transaction is estimated to be in the range of $30 million to $35 million. This includes an initial purchase price of $15 million, or 5.0 times a base EBITDA (earnings before interest, taxes, depreciation and amortization) of $3.0 million, and an estimated $15 million to $20 million for contingent consideration that may be earned based on 7.0 times the incremental growth in TKG’s annual run rate EBITDA in excess of $3.0 million at Dec. 31, 2016. Established in 1982, TKG provides active portfolio management and investment advisory services to a variety of institutional and separately managed account clients nationwide. TKG’s investment management fees were $14.3 million on an annual-run-rate basis at an average weighted rate of 0.56%, as of Sept. 30, 2015, and its AUM totaled $2.5 billion at the end of the period. TKG is investment advisor to The Berwyn Funds, including the Berwyn Income Fund, a Morningstar five-star rated conservative allocation strategy with a net asset value of $1.9 billion at Sept. 30, 2015. With its long-term record of strong performance, this fund was included in Morningstar’s 2015 “Fantastic 50” and 2014 “Fantastic 48” lists, which recognized an exclusive group of high-performing mutual funds that meet the independent investment research firm’s strict criteria. “We’ve long admired what Bob Killen and his team have built, delivering specialized investment expertise to a select clientele and, through The Berwyn Funds, mutual fund shareholders,” said Chartwell Managing Partner and Chief Executive Officer Timothy J. Riddle, who will continue to lead TriState Capital’s investment management subsidiary after transaction closing. “We’re excited to welcome the Killen team, its high-performing products and distinguished brand to Chartwell, as we continue the growth of our boutique money management business and provide additional products and capabilities for the benefit of both our firms’ clients.” In conjunction with the transaction, TKG’s investment professionals have signed multi-year restrictive agreements with Chartwell, including its Chairman and Chief Executive Officer Robert E. Killen. All TKG employees are expected to join Chartwell at closing. “In Chartwell, we found an ideal partner for our clients and our people,” said Killen. “It’s a firm that shares our philosophy for disciplined value investing and active portfolio management, while providing the exceptional distribution, technology and operational resources we sought to support the continued growth of our business. We’re looking forward to joining Tim’s team and collaborating with all our new TriState Capital colleagues to create and share in even greater success, together.” Upon closing of the acquisition, TriState Capital plans to integrate TKG’s personnel and operations into Chartwell, while maintaining The Berwyn Funds brand. With both TKG and Chartwell headquartered in Berwyn, Pa., the firms are expected to consolidate their offices in the Main Line suburb of Philadelphia before the end of 2016. The board of directors of TriState Capital, TKG’s owners and board, and the board of trustees of The Berwyn Funds have voted in favor of the transaction. Closing is anticipated in the second quarter of 2016, subject to regulatory requirements, approval by shareholders of The Berwyn Funds, certain TKG-client consents, and other customary closing conditions and adjustments. Keevican Weiss Bauerle & Hirsch LLC served as TriState Capital’s legal advisor on the transaction. Stephens Inc. provided a fairness opinion to TriState Capital. Fox Rothschild LLP served as TKG’s legal advisor on the transaction. Following today’s announcement by the Federal Reserve Board’s Open Market Committee that it determined to begin increasing the federal funds target rate, TriState Capital reiterates that it remains very well positioned to profit from a rising interest-rate environment. TriState Capital continues to manage a highly asset-sensitive balance sheet, as 84% of its loan portfolio and 58% of its securities portfolio were floating rate, at Sept. 30, 2015. In addition, 36% of deposits were fixed-rate time deposits. 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 has $3.1 billion in assets, as of September 30, 2015, 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 $7.6 billion in assets under management, as of September 30, 2015, and serves institutional clients and TriState Capital’s financial intermediary network. For more information, please visit http://investors.tristatecapitalbank.com. About the Killen Group The Killen Group, Inc. is a premier provider of investment advisory services to individuals, corporations and non-profit organizations. A major component of The Killen Group’s work is the management of The Berwyn Funds family of no-load mutual funds and its individually managed accounts. Since its inception, The Killen Group has maintained a sensible, value-oriented investment philosophy. Constructing a diversified portfolio of undervalued, well-managed companies with long-term stock appreciation potential is the essence of the firm’s work. As the company has evolved, it has also developed expertise in the management of fixed income securities and enjoys a sound long-term record in this area. For more information, please visit http://thekillengroup.com/. FORWARD LOOKING STATEMENTS This press release includes “forward-looking” statements related to TriState Capital that can generally be identified as describing TriState Capital’s future plans, objectives or goals. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For further information about the factors that could affect TriState Capital’s future results, please see the company’s most-recent annual and quarterly reports filed on Form 10-K and Form 10-Q. IMPORTANT INFORMATION FOR BERWYN MUTUAL FUND SHAREHOLDERS This press release is not a solicitation of a proxy from any shareholder of The Berwyn Funds. A prospectus/proxy statement with respect to the proposed transaction will be mailed to shareholders of The Berwyn Funds and filed with the Securities and Exchange Commission. Investors and shareholders of The Berwyn Funds are urged to read the prospectus/proxy statement regarding the proposed transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, as they will contain important information. The prospectus/proxy statement will be available free of charge from the SEC’s website at www.sec.gov or by calling The Berwyn Funds at 1-800-992-6757. In soliciting shareholder approval of the transactions, The Berwyn Funds, as well as their trustees, officers and advisors, may be deemed to be participants in the solicitation. Information about the funds’ trustees may be found in their annual reports and statement of additional information most recently filed with the SEC and available free of charge from the SEC’s website at www.sec.gov, or by calling The Berwyn Funds at 1-800-992-6757.
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Nov 04,
2015
Lovell Minnick Partners Closes Fourth Fund With $750 Million Of Commitments
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11.04.15
Lovell Minnick Partners Closes Fourth Fund With $750 Million Of Commitments
RADNOR, PA and LOS ANGELES – November 4, 2015 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced the successful completion of fundraising for its fourth institutional buyout fund, reaching the cap of $750 million and surpassing the $550 million target.
Lovell Minnick Equity Partners IV was raised from leading institutional investors including endowments, foundations, insurance companies, pension funds, as well as family offices and other institutional investors. The new fund received commitments from many limited partners who invested in previous funds sponsored by the firm, including Goldman Sachs Asset Management, RCP Advisors, Twin Bridge Capital Partners, and PPM America on behalf of certain clients. Lovell Minnick also attracted commitments from a number of new investors including MassPRIM and the W.K. Kellogg Foundation. The firm’s prior fund, Lovell Minnick Equity Partners III, secured $455 million of commitments.
Lovell Minnick will seek to continue its successful strategy of investing in middle-market financial services companies, typically making equity commitments of between $20 million and $100 million to private companies pursuing growth investments, management buyouts, succession and ownership transitions, and recapitalizations. Targeted investment areas include asset management, financial product distribution, insurance and securities brokerage, banks, specialty finance, and related technology and business services. The firm’s investments in these areas have included companies such as, ALPS Holdings, AssetMark Investment Services, Commercial Credit, Duff & Phelps, First Allied Securities, Matthews International Capital Management, and Mercer Advisors.
“Lovell Minnick is very grateful for the support we continue to receive from our limited partners, and we appreciate the new relationships we have developed with an outstanding group of investors who embrace our focus on middle-market financial services,” said Jeffrey D. Lovell, Chairman of Lovell Minnick Partners. “We see attractive opportunities across such themes as investment solutions, underserved credit markets, outsourcing, and consolidation. We look forward to building another portfolio of growing, dynamic companies where we can support management in realizing their strategic objectives.”
Lovell Minnick Equity Partners IV has deployed capital in three investments to date:
J.S. Held, a consultant to insurance carriers on property loss, dispute resolution, and construction services;
LSQ Funding, a technology-enabled provider of working capital solutions to small and mid-sized businesses; and,
Worldwide Facilities, one of the largest wholesale insurance brokerage companies in the U.S.
The firm’s investment team is led by five partners, with an average of more than 20 years of industry-related experience. Lovell Minnick has offices in Philadelphia and Los Angeles.
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Oct 14,
2015
Lovell Minnick Announces Sale Of HD Vest To Blucora
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10.14.15
Lovell Minnick Announces Sale Of HD Vest To Blucora
RADNOR, PA – October 14, 2015 – 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 HD Vest Financial Services, Inc. (“HD Vest”) will be acquired by Blucora, Inc. (NASDAQ: BCOR). HD Vest is the leading independent broker-dealer providing wealth management and advisory solutions specifically for tax professionals. The transaction is valued at approximately $580 million. Based in Irving, Texas, HD Vest’s independent network is comprised of over 4,500 tax and non-tax financial professionals who manage over $36 billion in client assets and provide comprehensive investment planning solutions for individuals, families and institutions. Lovell Minnick co-sponsored the management buyout of HD Vest from Wells Fargo & Company (NYSE: WFC) in 2011. “This transaction highlights how HD Vest has firmly established itself as an industry leader in the independent broker dealer market. We are pleased that the company and its management team have been recognized for the significant value they’ve created,” said Spencer Hoffman, a Managing Director at Lovell Minnick Partners. “Our partnership with the HD Vest team has been very rewarding and exciting. This transaction is a logical next step for HD Vest that will position the company for continued growth.” “In the four years since we completed our management buyout, with the support of our partners and Board, we’ve been successful both in investing in the company while also driving significant growth,” said Roger Ochs, President and CEO of HD Vest. “Through expanded product offerings to meet our advisors’ client needs, through an energized approach to identifying, recruiting, and educating HD Vest advisors, and through the development of proprietary technology designed specifically for our advisors, we’ve taken HD Vest to the next level. Lovell Minnick’s and Parthenon’s support was critical in achieving those goals.” The transaction is expected to close late in the fourth quarter 2015 or early first quarter 2016, subject to customary closing conditions and regulatory approvals. About HD Vest Financial Services® Since its inception in 1983, HD Vest Financial Services has supported an independent network of tax and non-tax professionals who provide comprehensive financial planning solutions including securities, insurance, money management services, and banking solutions. HD Vest is ranked as one of the top 20 independent broker-dealer firms1with over 4,500 independent contractors managing over $36 billion in assets for individuals, families and small businesses in all 50 states.2 For more information, please visit www.hdvest.com. HD Vest Financial Services® is the holding company for the group of companies providing financial services under the HD Vest name. Securities offered through HD Vest Investment ServicesSM, Member SIPC, Advisory services offered through HD Vest Advisory ServicesSM. About Blucora® Blucora, Inc. (NASDAQ: BCOR) operates a diverse group of Internet businesses. Its mission is to deliver long-term value to its customers, partners, and shareholders through financial discipline, operational expertise, and technology innovation. Named one of Fortune® Magazine’s 100 Fastest-Growing Companies for the past two years, Blucora’s online businesses reach millions of users worldwide every day. Blucora is headquartered in Bellevue, Washington. For more information, please visit www.Blucora.com. Follow and subscribe to Blucora on Twitter, LinkedIn, and YouTube. About Lovell Minnick Partners Lovell Minnick Partners LLC is a private equity firm with expertise in investing in the financial and related business services sectors. 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 over $1.4 billion in committed capital and has completed investments in over 30 companies. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. 1 Investment Advisor 2014 Broker-Dealer Reference Guide, which measured/ranked the top 25 independent broker-dealers by annual revenue.2 As of August 31, 2015
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