Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A PE Shop Buys Foreside Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 7, 2017

A PE Shop Buys Foreside

Reported by Katy Golvala

Today, Dave Whitaker and Richard Berthy announced the purchase of a majority stake in Foreside by PE shop Lovell Minnick Partners.

Spencer Hoffman
Lovell Minnick Partners
Partner
“It’s a great next step in the development of Foreside,” Whitaker, who serves as president of Foreside, tells MFWire.

Foreside currently services $800 billion of fund products, and the firm expects that demand for its services will continue to grow as a result of increasing fund compliance requirements. Whitaker says the firm will continue to build greater scale in its core services, both in the US and overseas. However, he says that current clients can expect business as usual. There will be no changes to brand or senior management as a result of the deal.

Prior to the sale to Lovell Minnick, Foreside CEO Richard Berthy owned the majority of the firm. He will remain an active minority owner.

Lovell Minnick is no stranger to the investment management industry—the firm currently owns stakes in a few of Foreside’s clients, including 361 Capital, Chartwell Investment Partners, and Matthews International Capital. The PE firm also owned ALPS before selling it to DST in 2011. However, this deal is the first ownership in any platforms that are directly comparable to Foreside, explains Spencer Hoffman, a partner at Lovell Minnick.

“In financial services, delivering expertise from scaled platforms around outsourced services and compliance is something that only has increasing tailwinds,” Hoffman tells MFWire.

According to Hoffman, Foreside has significant continued opportunity in their existing market, and the recent deal will help support the firm's global expansion beyond its current focus on the US.

"There are complementary adjacent markets that they can pursue both in the United States and outside the US," explains Hoffman.

As the firm continues to grow, additional staff will be brought on to meet the increased demand from clients.

The deal is expected to close in the second quarter. Morgan, Lewis & Bockius, LLP served as legal counsel to Lovell Minnick. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use