Lovell Minnick Partners, an independent private equity firm providing buyout and growth capital to companies in the financial services industry, has promoted W. Bradford Armstrong to principal. Armstrong joined Lovell Minnick in 2009 from Bank of America Merrill Lynch‘s Financial Institutions Group, where he was an investment banking associate focused on transactions involving commercial and trust banks, asset managers and financial technology companies.
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Private equity executives may not be all that happy with President Obama’s reelection but his win does provide one thing: predictability. “We know what to expect, what is going to be for the next couple years,” says Spencer Hoffman, an MD at Lovell Minnick Partners, at the Financial Services M&A Symposium.
Private equity firm Lovell Minnick Partners has completed the sale of ALPS, a provider of asset servicing and asset gathering solutions to the asset management industry, to DST Systems for $250 million. PRESS RELEASE Lovell Minnick Partners today announced that it has completed the previously announced sale of ALPS Holdings, Inc. (ALPS), a leading provider [...]
Morgan Stanley Credit Partners said Tuesday that it provided a $43 million mezz loan to support Parthenon Capital’s and Lovell Minnick’s buy of H.D. Vest Financial Services. Morgan Stanley Credit Partnes also co-invested in the deal. Earlier this month, Parthenon and Lovell completed their buy of H.D. Vest.
Parthenon Capital Partners, Lovell Minnick Partners and Fisher Lynch have completed the acquisition of H.D. Vest Financial Services from Wells Fargo. Terms of the deal were not released. Irving, Texas-based H.D. Vest is a broker/dealer providing investment and financial advisory services to retail investors through tax professionals.
Lovell Minnick Partners has finally put all the ALPS sale rumors to rest.
Late Tuesday, Lovell Minnick announced it was selling ALPS for $250 million to DST Systems, a data processing company. The PE firm owned a majority of ALPS while management had the rest, says Spencer Hoffman, a Lovell Minnick MD.
DST–which is also the subject of its own sale rumors– is buying all of ALPS, he says. ALPS will remain a separate company, according to a statement. The sale is expected to close before the end of the year, Hoffman says.
Publicly traded DST Systems will pay $250 million to acquire ALPS Holdings, a provider of asset servicing and asset gathering technology for the asset management industry, the companies announced. ALPS has been a portfolio company of Lovell Minnick Partners since September 2005, when the firm took a majority stake in ALPS.
Private equity firm Lovell Minnick Partners LLC has promoted John Cochran to managing director. Prior to joining the firm in 2008, Cochran was a principal at SV Investment Partners. Lovell Minnick has $800 million under management, and offices in the Los Angeles and Philadelphia areas.