Private equity is taking a look at Mid Atlantic Capital Group, which is up for sale, according to three sources.
Raymond James is advising on the process, the people said. It’s unclear which PE firms are interested.
An unnamed strategic is “seriously” considering Mid Atlantic Trust, one GP said.
Mid Atlantic is expected to fetch north of $200 million, the source said. The company’s five managing principals own the company, its website said.
Founded in 1982, Mid Atlantic, Pittsburgh, started off as a registered broker/dealer and began offering fee-based managed accounts two years later, the website said.
In the mid-2000s, the company began providing trust services to financial advisers. It acquired Institutional Trading Services LLC in 2015.
Mid Atlantic offers both brokerage advisory and trust services to the financial-planning community, including advisers, benefits administrators and financial institutions.
The company has more than $70 billion in assets under custody and administration, as well as more than 75,000 brokerage and trust accounts.
Executives for Mid Atlantic and Raymond James could not be reached for comment.
Action Item: Contact Mid Atlantic CEO Charles Warden at +1 412-391-7077
A shop advertises a winter sale in the center of Vienna on Feb. 14, 2018. Courtesy of Reuters/Heinz-Peter Bader