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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Sep 30,
2015
Lovell Minnick Partners Sells Partial Stake In Matthews Asia To Mizuho Financial Group
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09.30.15
Lovell Minnick Partners Sells Partial Stake In Matthews Asia To Mizuho Financial Group
Radnor, PA – September 30, 2015 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced the signing of a definitive agreement to sell a portion of its stake in Matthews International Capital Management, LLC (“Matthews Asia”) to Mizuho Financial Group (“Mizuho”). Lovell Minnick Partners will remain a minority equity holder in the independent investment manager, which is the leading Asia investment specialist in the United States. Terms of the private transaction were not disclosed.
Lovell Minnick Partners acquired a minority equity interest in Matthews Asia in early 2011. The firm provides investors with a broad range of choices for building a global portfolio that includes exposure to one of the world’s fastest-growing regions. Since Lovell Minnick’s investment in early 2011, Matthews Asia has launched several new investment strategies, doubled its employee headcount, and increased its assets under management from $19.1 billion to $26.2 billion as of August 31, 2015.
“We are pleased to remain a significant shareholder in Matthews Asia, and to continue to support the company’s growth,” said Jeffrey D. Lovell, Chairman and Chief Executive Officer of Lovell Minnick Partners. “Mizuho is a world renowned institution and we are confident their role as a new shareholder will be instrumental to Matthews Asia’s continued progress.”
“Regarded as a preeminent global financial institution, Mizuho’s investment in our firm is an endorsement of the success Matthews Asia has achieved for our clients over the past 24 years,” said William Hackett, Chief Executive Officer of Matthews Asia. “Mizuho’s investment will help ensure continued long-term stability of ownership while retaining our independence. We appreciate Lovell Minnick’s support in facilitating Mizuho’s investment.”
The transaction is expected to close by the end of the first quarter 2016 and is subject to customary closing conditions, including receipt of any required regulatory approvals.
RBC Capital Markets and Kirkland & Ellis LLP are serving as advisors to Lovell Minnick Partners on the transaction.
About Matthews Asia
Matthews Asia is an independent, privately owned firm and the largest dedicated Asia investment specialist in the United States. With $26.2 billion in assets under management as of August 31, 2015, the firm focuses on investing solely in Asia. It is the investment advisor for the Matthews Asia Funds, a group of 16 open-ended equity and fixed income mutual funds organized in the U.S. and 11 SICAVS registered in Luxembourg.
About Mizuho Financial Group
Mizuho Financial Group is one of the leading financial institutions in Japan, offering a broad range of services including banking, trust banking and securities, and other business related to financial services through its group companies. The group has approximately 55,000 staff working in approximately 900 offices inside and outside Japan, and total assets of over US$1.6 trillion (as of March 30, 2015).
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Jul 06,
2015
Lovell Minnick Partners Closes Significant Investment In Worldwide Facilities, LLC
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07.06.15
Lovell Minnick Partners Closes Significant Investment In Worldwide Facilities, LLC
Los Angeles, CA and Radnor, PA – July 6, 2015 – Lovell Minnick Partners has made a significant investment in Worldwide Facilities, LLC, a national wholesale insurance broker and managing general agent. Following the transaction, Worldwide Facilities will continue to be majority-owned by its employees. Terms of the transaction were not disclosed. Founded in 1970 and based in Los Angeles, Worldwide Facilities is one of the largest wholesale insurance brokerage companies in the U.S. As a national wholesale broker, Worldwide Facilities places excess and surplus lines insurance on behalf of retail agents and brokers, and their insureds. The company also has been successful in growing its proprietary program and managing general agency businesses. Worldwide Facilities has more than 190 employees across 11 offices in major metropolitan areas including Atlanta, Chicago, Hartford, Houston, Irvine, Los Angeles, New York, Orlando, Phoenix, San Francisco and Seattle. “We are enthused about our next chapter of growth and the capital base that we have put in place to support it. We look forward to continuing to invest in the development and growth of our company by creating new products, adding to our team of capable and seasoned producers, and making strategic acquisitions,” said Davis Moore, Chairman and Chief Executive Officer of Worldwide Facilities. “Lovell Minnick Partners has a strong track record in helping financial services companies such as ours advance their businesses. They share our vision for the future of Worldwide Facilities, and they have the resources and expertise to support our plan. We are excited to partner with them.” “Worldwide Facilities is clearly a market leader, and has achieved impressive, consistent organic growth while developing deep expertise in specialized insurance solutions. Their strong relationships with retail agents and brokers and insurance carriers, and their dedication to client service, have put them in a position to further grow and thrive” stated Robert Belke, a Managing Director at Lovell Minnick Partners, which has made investments in a variety of brokerage businesses. “We look forward to working with this management team, led by Davis Moore and Ron Austin, to support and drive execution of their growth strategy.” Waller Helms Advisors, LLC served as financial advisor, and Musick, Peeler & Garrett LLP acted as legal counsel to Worldwide Facilities. Keefe, Bruyette & Woods, Inc served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Lovell Minnick Partners. About Worldwide Facilities Worldwide Facilities, LLC is a national wholesale insurance broker and managing general agent. In business since 1970, the seasoned team of brokers and underwriters are industry leaders in providing specialized products in a wide range of specialty lines, as well as having extensive relationships with domestic and international carriers. For more information, please visit www.wwfi.com.
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Jun 18,
2015
Lovell Minnick Partners Announces Growth Investment In Lincoln Investment Planning, Inc.
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06.18.15
Lovell Minnick Partners Announces Growth Investment In Lincoln Investment Planning, Inc.
Radnor, PA – June 18, 2015 – Lovell Minnick Partners, an independent private equity firm specializing in financial and related business services companies in the middle market, today announced it has agreed to make a 20% minority investment in Lincoln Investment Planning, Inc., a leading full-service independent broker-dealer providing investment, wealth and retirement planning services nationwide. Terms of the investment were not disclosed. The investment will provide capital to support continued growth of Lincoln Investment, which will remain majority family-owned and operated by the current management team. Founded in 1968, Lincoln Investment is one of the nation’s fastest growing independent broker-dealers and is committed to helping clients achieve financial well-being. The company has over $24 billion in client assets including over $9 billion in assets managed by Lincoln Investment and/or its affiliate, Capital Analysts, Inc., registered investment advisors. With this investment, Lovell Minnick continues its long history of investing in successful broker-dealer related businesses. “Lincoln Investment has an attractive market position as a leading independent broker-dealer, and they have demonstrated meaningful and consistent growth in their advisor network, bolstered by the successful acquisitions of Great American Advisors, Inc. and Capital Analysts, Incorporated” stated Jim Minnick, President and Managing Director of Lovell Minnick Partners. “The company’s management team, led by Ed Forst, is both strong and deep. We look forward to working with this leadership team to continue to build the business.” “We have consistently expanded our market position through organic and strategic growth, and we believe there are opportunities for continued growth from the company’s core customer base and through further plan diversification,” said Ed Forst, President and Chief Executive Officer. “Over time, we have developed an excellent relationship with Lovell Minnick Partners, and we respect their knowledge of our industry and their strong track record of success in the investment business. We look forward to a successful partnership that will help us expand our network of financial advisors and our breadth of client services.” “Lincoln Investment’s expertise in designing and delivering a wide breadth of investment strategies and services is closely aligned with Lovell Minnick’s theme of investing in sophisticated providers of investment solutions. This made it an attractive partnership that we are confident will continue to contribute to Lincoln Investment’s future successes,” added Minnick. The transaction is expected to close in the third quarter of 2015, subject to customary regulatory reviews and approvals. Moss Adams Capital served as financial advisors to Lincoln Investment on this transaction; Berkshire Capital served as financial advisors for Lovell Minnick Partners. About Lincoln Investment Lincoln Investment is a leading full-service independent broker-dealer providing investment, wealth and retirement planning services nationwide through a national network of financial advisors. Clients include corporations, school districts, universities, hospitals, other non-profits and high net worth individuals. Founded by Nick Forst almost 50 years ago and headquartered in Philadelphia, Lincoln Investment currently has more than 250 employees and over 800 financial advisors with 300 branches in 35 states. Lincoln Investment serves over 235,000 individual investors, with $24 billion in assets under administration and over $9 billion in assets under management and provides retirement plan services to employees of more than 3,000 employers nationwide. For further information, please visit www.lincolninvestment.com. About Lovell Minnick 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 $1.3 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. For more information, please visit www.lovellminnick.com.
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Apr 15,
2015
Lovell Minnick Leads $100M Investment In LSQ Funding
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04.15.15
Lovell Minnick Leads $100M Investment In LSQ Funding
ORLANDO, FL (April 15, 2015) — LSQ Funding Group, a leading technology-enabled provider of working capital solutions for small- and mid-sized businesses, today announced that it has received a capital investment of over $100 million in a transaction led by Lovell Minnick Partners LLC, a private equity firm that specializes in the global financial services industry. The investment will support LSQ Funding’s growth strategies, which are differentiated by a decade of technology innovation, credit IP, and bank partnerships. These differentiators have accelerated LSQ’s growth, which exceeded 85 percent in 2014. Over its twenty years of operating history, LSQ has provided more than $10 billion in invoice advances. “We’re excited to add an equity partner with proven success supporting high-growth companies like ours,” said LSQ Funding’s CEO and founder Max Eliscu. “We will use this incremental capital to accelerate our investment in automation, revolutionizing the process by which businesses unlock the liquidity tied up in their unpaid invoices. We have always been committed to helping businesses of all sizes, from start-ups sending their first invoices to established companies managing complex supply chains, easily access working capital. We’re now bringing that capability to micro-businesses through automation.” “The millions of small businesses in the U.S. that experience cash shortages as a result of success — and sometimes obstacles — deserve to have a company like LSQ Funding in their corner to help them meet such challenges,” added Lovell Minnick Managing Director John Cochran. “LSQ’s management team has built an industry-leading brand and an exemplary bank referral partnership model and is now aggressively pursuing automation that will serve even more small businesses. We are excited to bring our experience in specialty finance and in under-served credit markets to the partnership with this innovative team.” J.P. Morgan Securities LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Lovell Minnick. The Cosine Group, a division of Armory Securities, LLC, served as financial advisor and Wilson Sonsini Goodrich & Rosati LLP served as legal advisor to LSQ Funding. About LSQ Funding Group LSQ Funding is one of the country’s largest independent accounts receivable financing companies. Founded in 1996 in the Orlando area, LSQ provides specialized accounts receivable financing to growing companies throughout the U.S., offering competitive rates, customized financing arrangements, and personalized service to help them improve profitability and financial security. The company’s proprietary accounts receivable technology enables accounts receivable financing at all levels, ranging from multi-million-dollar corporations to small businesses. For more information, please visit www.lsq.com.
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Mar 30,
2015
Lovell Minnick Announces Acquisition Of J.S. Held
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03.30.15
Lovell Minnick Announces Acquisition Of J.S. Held
ROSLYN HEIGHTS, N.Y., March 30, 2015 – Lovell Minnick Partners LLC is pleased to announce the acquisition of a majority interest in J.S. Held LLC, a specialty advisory firm providing outsourced consulting services to its insurance industry clients. In conjunction with the investment, Held Enloe & Associates, LLC will combine with J.S. Held, further strengthening J.S. Held’s property loss consulting, litigation and dispute resolution services, and construction and development advisory services. J.S. Held and Held Enloe professionals have served as consultants, expert witnesses, and arbitration panelists on many of the largest and most complex property insurance claims, construction projects and disputes. The senior management team of both firms will continue to hold a significant minority interest in the combined company. J.S. Held’s President and Chief Executive Officer Jonathon Held said, “With the Lovell Minnick investment, J.S. Held has a partner who shares our vision for growth. Through its depth of knowledge and focus on financial service firms, Lovell Minnick has an extraordinary track record of investing in growth-oriented companies in our sector.” Held Enloe’s Managing Member Lisa Enloe added, “The combined service offering of J.S. Held and Held Enloe will provide clients with a world-class resource to help navigate through the increasingly complex claims and litigation environment.” Lovell Minnick Managing Director Bob Belke noted, “We believe that an increasing propensity among insurers to seek third-party expertise when managing complex claims, coupled with the depth and talents of the J.S. Held and Held Enloe professionals, will result in significant growth opportunities for the company. Jon, Lisa, and their colleagues have built a formidable company that has superbly executed upon its growth plan, and we are proud to partner with them.” Deloitte Corporate Finance LLC acted as financial advisor to J.S. Held and Held Enloe, and William Blair & Company, L.L.C. acted as financial advisor to Lovell Minnick. Zukerman Gore Brandeis & Crossman LLP acted as legal counsel to J.S. Held and Held Enloe, and Morgan, Lewis & Bockius LLP acted as legal counsel to Lovell Minnick. About J.S. Held Founded in 1974, J.S. Held has extensive experience in all facets of property loss consulting, including estimating, scheduling and project monitoring. J.S. Held’s consultants have evaluated damage to more than 50,000 buildings and structures throughout the world and have experience working on all types of engagements including insurance claims related to commercial, industrial, high rise, special structures, governmental, residential, and infrastructure damages. The Company has a presence in over 20 locations throughout the U.S. and Canada. For more information regarding J.S. Held, please visit www.jsheld.com. About Held Enloe & Associates Held Enloe & Associates was formed in 2005 by two of the construction and insurance industries’ top leaders, Lisa A. Enloe and Jonathon C. Held. Today, Held Enloe & Associates is a full service construction consulting firm with expertise in managing and advising on large complex construction projects of all types. Held Enloe offers a variety of construction and development related services to enable clients to more effectively manage risk and uncertainty throughout all phases of construction, from project commencement through close-out. For more information regarding Held Enloe & Associates, please visit www.heldenloe.com.
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Mar 25,
2015
Lovell Minnick To Sell Mercer Advisors To Genstar Capital
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03.25.15
Lovell Minnick To Sell Mercer Advisors To Genstar Capital
SAN FRANCISCO, March 25, 2015 – Genstar Capital, a leading middle market private equity firm based in San Francisco, today announced that it has signed a definitive agreement to partner with management in acquiring a majority interest in Mercer Advisors from Lovell Minnick Partners, a private equity firm which specializes in lower middle-market investments in the financial services industry. Mercer is a leading registered investment advisor with a full suite of wealth management services and over 30 years of experience. The Company services primarily the mass-affluent and high-net-worth clients and today has a strong base of individual clients with assets of nearly $6 billion. Mercer Advisors offers comprehensive wealth management solutions, including: financial planning, investment management, tax management, retirement income and benefits planning, and estate planning. Genstar’s operational expertise and industry experience will be valuable in assisting the company in its continued expansion, both in terms of scale and service offerings. According to David H. Barton, President and Chief Executive Officer of Mercer Advisors, the transaction provides seamless continuity for Mercer Advisors and its clients. “This acquisition benefits our clients and employees, as well as the long-term strategy of our firm and provides for continuing a renewed private equity partnership first established with Lovell Minnick. Genstar has a long history of supporting its portfolio companies and shares our belief in a client-centric culture and holistic service model. Genstar’s capital investment will allow us to further invest in growth, both organically and through acquisitions, and elevate the value proposition we offer our current and future clients.” Anthony J. Salewski, Managing Director of Genstar, added: “Genstar has followed Mercer Advisors for a number of years and this investment demonstrates our continued commitment to investing in targeted growth segments within the financial services industry. Mercer Advisors has delivered consistent growth over the past several years, and we look forward to partnering with Dave and his management team to accelerate that trajectory.” Jeffrey D. Lovell, Chairman of Lovell Minnick Partners, noted: “We have enjoyed working closely with the Mercer management team over the past seven years to support the Company as it has grown into the leading business it is today. We are pleased management has formed a partnership with Genstar, whose interests and plans align well with the Company’s strategy.” The transaction is expected to be completed in the second quarter of 2015. Mercer Advisors is currently a portfolio company of Lovell Minnick Partners. Moelis & Company acted as exclusive financial advisor to Mercer Advisors. 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 nearly $6 billion in assets under management and more than 4,300 clients. Headquartered in Santa Barbara, California, Mercer Advisors is privately held, has over 140 employees and operates nationally with 15 branch offices across the country. For more information about Mercer Advisors, visit www.merceradvisors.com. About Genstar Capital Genstar Capital ( www.gencap.com) is a 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 strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the financial services, software, healthcare, and industrial technology industries. Current investments in financial services include an asset manager focused on alternative investment solutions; a provider of critical data, business intelligence, and information services to the global investment management industry; a leading Midwest retail insurance brokerage; and a leading provider of investment management, client relationship tools, and practice management programs to financial advisors. 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 $1.2 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. Lovell Minnick has a demonstrated track record of increasing value through a variety of methods including internal investment, acquisitions, and prudent use of leverage.
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Jan 13,
2015
Michael F. Dura Joins Lovell Minnick Partners As Senior Advisor
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01.13.15
Michael F. Dura Joins Lovell Minnick Partners As Senior Advisor
RADNOR, Pennsylvania, January 13, 2015 — Lovell Minnick Partners LLC, an independent private equity firm providing buyout and growth capital to companies in the financial services industry, has retained Michael F. Dura as a Senior Advisor.
As a Senior Advisor, Mr. Dura will assist Lovell Minnick’s investment team in the sourcing, evaluation and due diligence of investment opportunities with a particular focus on broker-dealers, securities processing services and financial technology companies. He also will collaborate with fellow Senior Advisors Dr. Heinz J. Hockmann, a former executive officer at Commerzbank AG in Germany, and Alan F. Warrick, a former Aegon insurance executive, in supporting Lovell Minnick portfolio companies in various board and strategic roles.
Mr. Dura has over 30 years of experience in the financial services industry, with an extensive operating history in securities, financing, and asset management businesses. Most recently, he was an Executive Vice President of National Financial Services, a Fidelity Investments company, after leading the sale of Correspondent Services Corporation, a wholly-owned subsidiary of UBS, to National Financial Services in 2003. Prior to becoming President of Correspondent Services Corporation, Mr. Dura served as Joint Group Managing Director and co-head of the global securities business of Schroder & Co., Inc., with primary operating responsibility for all business lines in the Americas, until the sale of the investment bank to Salomon SmithBarney in 2000.
Mr. Dura is currently a Managing Partner and co-founder of Prex Capital Partners, LLC, a private management firm established in 2004 and specializing in providing advisory services to hedge funds, broker dealers and related financial services firms. Mr. Dura is a member of the board of directors of Keane Holdings Inc., and previously served on the board of First Allied Holdings, both Lovell Minnick portfolio companies. He holds a B.A. in Political Science and Economics from Columbia University and resides with his wife and two children in Albany, NY.
“We have had the privilege of working with Mike for nearly a decade on several opportunities and are very pleased to have Mike formally join us as a senior advisor,” said Jeffrey D. Lovell, Chairman of Lovell Minnick Partners.
About Lovell Minnick Partners LLC
Lovell Minnick Partners LLC is a private equity firm providing buyout and growth capital to companies in the financial services industry. Having raised over $1.2 billion in committed capital, we have provided equity capital for management buyouts, succession and ownership transitions, growth investments, and recapitalizations for over 30 middle-market companies. Portfolio companies of Lovell Minnick operate in various areas of the global financial services industry, such as asset management, financial planning, financial product distribution, specialty finance, insurance and securities brokerage, commercial banking and trust services, and related administration and business services companies and outsource providers in the financial services industry.
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