LMP to take majority stake in retirement services firm Definiti

• Headquartered in The Woodlands, Texas, Definiti was founded in 2015
• Waller Helms Advisors served as financial advisor to LMP while Raymond James served as financial advisor to Definiti
• Since its inception in 1999, LMP has raised approximately $4.3 billion of committed capital

Lovell Minnick Partners has agreed to acquire a majority stake in Definiti, a retirement services firm. No financial terms were disclosed.

Headquartered in The Woodlands, Texas, Definiti was founded in 2015.

“Definiti has established itself as a market leader in the retirement services space, consistently demonstrating its ability to expand and enhance its platform’s offerings to meet clients’ needs,” said Jason Barg, a partner at LMP, in a statement. “We believe our extensive experience in partnering with high growth, service-driven companies, along with attractive regulatory tailwinds, positions Definiti well as we look to capitalize on a highly fragmented retirement services market.”

The transaction is expected to close in the first quarter of 2023.

Waller Helms Advisors served as financial advisor to LMP while Raymond James served as financial advisor to Definiti. Goodwin Procter served as legal advisor to LMP, and Nutter, McClennen & Fish LLP served as legal advisor to Definiti.

Since its inception in 1999, LMP has raised approximately $4.3 billion of committed capital. LMP targets middle-market companies in the following sectors: financial services, financial technology and business services.