Parthenon Capital Partners has closed its previously announced buy of Oak Brook, Illinois-based Millennium Trust, a provider of administrative and custodial services for both retirement and taxable investment accounts. No financial terms were disclosed.
Oak Brook, IL and San Francisco, CA – December 8, 2015 – Parthenon Capital Partners (“Parthenon”), a growth-oriented private equity firm, announced the completion of its previously announced acquisition of Millennium Trust Company (“Millennium Trust” or the “Company”), a leading provider of technology-enabled asset custody solutions for institutions, advisors, and individuals.
Headquartered in Oak Brook, IL, Millennium Trust was established in 2000 to meet the market’s growing need for a more flexible provider of administrative and custodial services for both retirement and taxable investment accounts. Servicing the needs of individuals, institutions and advisors, the Company has continued to experience significant growth over the past few years across its three product areas: Rollover Solutions, Alternative Asset Custody Solutions, and Private Fund Custody.
Today, the Company is at the industry forefront targeting nascent sectors of alternative finance such as marketplace lending and equity crowdfunding platforms which require custody services to facilitate investment operations, address regulatory issues, and answer investor concerns about the custody of assets. Additionally, Millennium Trust continues to lead the automatic rollover IRA space by providing technology-based solutions that help many of the nation’s largest retirement plan sponsors to lower plan costs, reduce liabilities, and focus on current participants.
Parthenon has a long-standing history of partnering with leading technology-enabled financial services companies. Under Parthenon’s ownership, Millennium Trust will continue to provide world-class service to its clients while working to expand upon the Company’s competitive advantages by introducing new products and services to the marketplace.
About Millennium Trust Company
Millennium Trust Company (www.mtrustcompany.com) provides innovative custody solutions for IRA rollovers, alternative assets, and private funds. With more than $16.8 billion in assets under custody and more than 408,000 accounts under administration (as of 11/30/15), Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. As such, it does not provide due diligence on prospective investments, sponsors, or service providers and does not sell investments or provide investment, tax, or legal advice.
About Parthenon Capital Partners
Parthenon Capital Partners (www.parthenoncapitalpartners.com) is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in healthcare technology and services, financial and insurance services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, human capital, capital markets, and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities.