Portland financial firm makes 7th acquisition in two years
File Photo / Tim Greenway
David Whitaker, former president of Foreside Financial Group, is now global services leader at ACA.
Foreside Financial Group LLC, a Portland-based provider of compliance technology and service solutions for the investment management industry, is embarking on its first acquisition in the western United States and seventh since 2019.
The company on Tuesday announced the acquisition of Golden Bear Consulting Group LLC, a two-person boutique regulatory compliance consulting firm based in Newport Beach, Calif.
Financial terms of the deal were not disclosed, which a Foreside spokesman said is expected to close Wednesday.
The spokesman noted that Golden Bear has been on Foreside's radar for some time, and that Foreside “more fully engaged" with the California firm over the past year.
Founded in 2015, Golden Bear partners with private equity funds, hedge funds, emerging managers, and wealth managers, to offer a suite of compliance consulting solutions. Foreside said the acquisition complements the firm's private funds practice and expands geographic reach to the West Coast.
“Golden Bear has ensured client success by helping them meet regulatory requirements through creative and practical compliance solutions that instill confidence in their investors,” Foreside President David Whitaker said in Tuesday's news release.
“Golden Bear shares our values of providing consistent quality of service with integrity, accountability, and innovation to its portfolio of clients. We are proud to welcome them to our team.”
Aman Ahluwalia, founder and CEO of Golden Bear, will join Foreside along with one other employee as a result of the acquisition.
“In joining with Foreside, we are able to deepen and expand the capabilities of our investment advisor consulting practice with a partner that shares our client-centered approach,” said Ahluwalia.
The addition of the two employees will bring Foreside's total to 307.
“I am thrilled about what is in store for our clients, and how much they will benefit from this new relationship. We have worked hard to develop long-lasting and quality relationships with our clients," he added. "I am certain this move will allow us to serve as trusted partners to our existing clients for years to come.”
Foreside is majority-owned by Lovell Minnick, a Radnor, Pa.-based private equity firm that has raised $3.5 billion of committed capital and completed more than 50 portfolio company investments since 1999.
The Golden Bear acquisition marks Foreside’s seventh acquisition since 2019 as it continues to bulk up on in areas from consulting services to technology offerings.
In "On the Record" interview with Mainebiz published in April, Whitaker said, "We see a tremendous opportunity in our space, and will certainly pursue those opportunities that are aligned with our business objectives."
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