Parthenon shops Millennium Trust after a year

Parthenon Capital Partners is putting Millennium Trust Co up for sale, a little more than a year after buying it, two sources said.

William Blair is advising on the process, the people said.

Millennium, Oak Brook, Illinois, provides alternative custody solutions to institutions, advisers and individuals. The company had 526,000 client accounts under administration and $20.8 billion in total assets under custody as of Dec. 31, the website said.

Parthenon is seeking $300 million to $400 million for Millennium, one of the sources said.

Millennium Trust was last up for sale in fall 2015. William Blair was also the banker on that auction, which received more than 20 bids, Buyouts reported.

Firms including Lightyear Capital, Aquiline Capital Partners, LLR Partners and Lovell Minnick Partners made offers for Millennium but were beaten out by Parthenon, Buyouts said. Parthenon closed its buy of Millennium in December 2015, paying $150 million for the company, the story said.

Founded in 1998, Parthenon targets middle-market companies in three sectors: financial services, healthcare services and business services. In October, the firm invested in BillingTree through a recapitalization. The buyout shop also owns Arrow Financial Services, Abeo and Ascension Insurance.

Parthenon also is selling Eliza Corp, a healthcare-engagement company, Buyouts reported.

In 2016, Parthenon’s fifth flagship 2016 closed at its $1 billion hard cap. Parthenon’s fourth pool raised $700 million in 2012.

Executives for Parthenon and Millennium Trust could not be reached for comment. Aquiline and Lovell Minnick declined comment.

Action Item: Contact Andrew Dodson, a Parthenon managing partner: +1 415-913-3930

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