Lovell Minnick Partners will acquire Kanaly Trust, a company providing comprehensive wealth management and financial planning services. Terms of the deal were not released.
Kanaly Trust, LTA (“Kanaly Trust”) and Lovell Minnick Partners LLC (“Lovell Minnick”) are pleased to announce that Lovell Minnick has agreed to acquire Kanaly Trust, a leading independent trust company providing comprehensive wealth management and financial planning services to families, individuals and estates.
Kanaly Trust has offered independent investment advice to its clients for over 35 years by combining financial planning, trust and estate services with a best-of-breed approach to outside manager selection. Today, Kanaly Trust has nearly $2 billion in assets under management. It serves as trustee or executor for estates totaling more than $2.5 billion.
Proceeds from the transaction will be used to provide liquidity to certain existing shareholders and promote future company growth. The Kanaly family along with members of the senior management team of Kanaly Trust will retain a material investment in the firm and continue their focus on clients.
Drew Kanaly will remain in his role as Chairman of Kanaly Trust and Jeff Kanaly will serve as Vice Chairman. Bill Rankin is expected to join Kanaly Trust as Chief Executive Officer effective at the close of the transaction. Mr. Rankin has extensive experience in the wealth management industry, and was most recently President and Chief Executive Officer of Shelterwood Financial. Mr. Rankin has held executive roles at Rockefeller & Co., Atlantic Trust, Stein Roe Investment Counsel, and Mellon Bank.
Kanaly Trust Chairman Drew Kanaly commented, “We are excited to join with Lovell Minnick and Bill Rankin as we continue to pursue the vision of outstanding and non-conflicted client service that my father believed in 37 years ago.” Jeff Kanaly, Vice Chairman, stated, “Lovell Minnick has the expertise and resources to help Kanaly Trust get to the next level, and it is comforting to know that Kanaly Trust has a succession plan that will benefit our clients and personnel for years to come.”
Lovell Minnick President & Managing Director Jim Minnick said, “We look forward to working with the team at Kanaly Trust, a premier trust company that is deeply committed to its clients. The acquisition of Kanaly Trust resulted from an extended search undertaken by our firm to identify a leading platform investment within the trust and wealth management space.” Bill Rankin added, “Kanaly Trust has an impressive reputation for its commitment to client service. I am excited to join Drew, Jeff and the rest of the Kanaly team as we continue to strive for excellence and premier solutions for our clients.”
The transaction is expected to close in the fourth quarter of 2012, subject to customary regulatory reviews and approvals.
About Kanaly Trust, LTA
Kanaly Trust is a wealth management firm with approximately $2 billion in assets under management. The company provides comprehensive financial planning and trust/estate services to families, individuals and estates with assets in excess of $1 million. The firm is independent of any banking or corporate relationships and does not promote specific financial products or services. Kanaly Trust serves as the trustee or executor for estates totaling more than $2.5 billion, and works with clients worldwide. Based in Houston, Kanaly Trust was founded in 1975 by Deane Kanaly. For more information, visit www.kanaly.com .
About Lovell Minnick Partners LLC
Lovell Minnick Partners is a private equity firm providing buyout and growth capital to companies in the financial services industry. From offices in the Philadelphia and Los Angeles areas, Lovell Minnick has raised over $850 million in committed capital from qualified private and institutional investors and has completed investments in over 30 companies. Portfolio companies of Lovell Minnick operate in various areas of the global financial services industry including asset management, financial product distribution, commercial and private banks, outsourced administration services, securities brokerage, investment banks and financial consulting. For more information about Lovell Minnick, please visit www.lovellminnick.com .