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Updated: November 3, 2020

Portland financial firm continues acquisition spree

Side-by-side portrait photos of Medina Jett and Dave Whitaker Courtesy / Foreside Financial Group Medina K. Jett, founder and president of ICSGroup, and Dave Whitaker, president of Foreside Financial Group LLC, will continue to work together after Foreside's acquisition of the Hartford, Conn.-based company.

Foreside Financial Group LLC, a Portland-based provider of customized compliance and technology solutions to the investment management industry, on Monday unveiled its fourth acquisition in less than two years. 

A portfolio company of Radnor, Pa.-based private equity firm Lovell Minnick Partners LLC, Foreside said it has acquired Integrated Compliance Solutions Group, a Hartford, Conn.-based regulatory compliance services firm. Terms of the deal were not disclosed.

ICSGroup serves the asset management industry in the United States and Africa, with an emphasis on private funds and emerging managers. 

As a result of the acquisition, ICSGroup founder and CEO Medina K. Jett will join the Foreside team, along with Curtis Flippen, the company's vice president of compliance services, a Foreside spokesperson told Mainebiz.

Foreside did not enlist an outside financial advisor on the transaction. ICSGroup was founded in 2008.

Four acquisitions in two years

Foreside has has now made four acquisitions since early last year.

The firm added NCS Regulatory Compliance in January 2019; Austin, Texas-based Compliance Advisory Services in October 2019; and Quasar Distributors, the mutual fund and exchange-traded funds distribution business of U.S. Bancorp (NYSE: USB), completed in in March 2020. 

Foreside's acquisition of NCS added more than 1,100 clients, 75 employees and locations in New York City.; Londonderry and Concord, N.H; and Delray Beach, Fla.

Out of Foreside's 273 employees today, 92 are based in Maine.

“When assessing any of the acquisitions we’ve made, quality of client service and industry expertise are top considerations,” Foreside President Dave Whitaker, said in Monday's announcement about the latest deal.

“ICSGroup fulfills these ideals, and we’re excited to have the opportunity to work alongside them. From a strategic standpoint, this acquisition puts us in a great position, despite the unprecedented times in which we’re operating, to continue executing on our overall growth strategy across client types," he added.

Foreside was established in 2005, following Citi's acquisition of Forum Fund Services, and sold a majority stake to Lovell Minnick in 2017.

'Perfect partner'

Jett said her company is thrilled to be joining Foreside, "and think we’ve found the perfect partner to accelerate our firm’s technology capabilities to meet the growing needs of our clients, while providing the personalized service they expect."

She added, "We remain committed to the relationships we’ve built over the last 12 years and believe they will immediately benefit from Foreside’s unparalleled combination of customized, industry-leading services delivered through modern regulatory technology platforms.”

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