Portland financial firm sells majority stake
Foreside Financial Group LLC signed a definitive agreement to sell a majority stake to a Philadelphia private equity firm.
The Portland-based Foreside, which was founded in 2005, will continue to be led by CEO Richard Berthy and President Dave Whitaker, who will remain shareholders as well.
The buyer, Lovell Minnick Partners LLC, is a private equity firm based in Radnor, Pa., outside of Philadelphia.
Terms of the deal were not disclosed, the companies said Tuesday in a joint press release.The transaction is expected to close in the second quarter, subject to regulatory reviews and approvals.
Foreside provides a variety of regulatory compliance and distribution services to the investment management industry. Clients include investment advisers and broker dealers. It provides legal underwriting, FINRA licensing, compliance consulting, fund officer services and trust governance.
Lovell Minnick has an ownership stake in several of Foreside’s clients, including 361 Capital, Chartwell Investment Partners and Matthews International Capital Management.
“Our relationship with Lovell Minnick goes back many years, and we share a strategic vision to achieve greater scale in our core distribution and compliance services for investment managers and their funds, both in the United States and offshore markets,” said Berthy.
Spencer Hoffman, a partner at Lovell Minnick, said Foreside is “one of the most respected outsourced service providers in the asset management industry [and] Foreside is uniquely positioned to help clients navigate the changing financial and regulatory landscape.”
Foreside is based in Portland and has offices in Boston; Berwyn, Pa.; and Columbus, Ohio.
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