Parthenon has particular expertise in healthcare technology and services, financial and insurance services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. īased in Boston and San Francisco, Parthenon Capital Partners is a leading mid-market private equity firm that utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. With assets under custody or administration of approximately $90B, its broker/dealer, registered investment advisor, and trust company serve over 8,000 financial advisors and 500 financial institutions on behalf of more than 265,000 customer accounts and one million retirement plan beneficiaries. Mid Atlantic Capital Group is a leading financial services organization that provides a wide array of brokerage, advisory, trust, and custody services to a diverse national client base of financial advisors and institutions, asset managers, and benefits administrators through its various subsidiary companies. Kramer Levin served as legal counsel to Waterfall. Kirkland & Ellis served as legal counsel to Parthenon. K&L Gates served as legal counsel, and Raymond James served as financial advisor to Mid Atlantic with respect to the transaction. “We have a shared vision to continue growing Mid Atlantic, both organically and through acquisitions, into the premier trust, custody, and financial technology platform for retirement plan, bank trust, and wealth management providers.” “I’ve known the leadership team at Mid Atlantic for decades and have a tremendous amount of respect for the world-class company they have built,” said Mr. John Moody, a long-standing industry expert with deep operating expertise in the custody and financial technology markets, is also investing in the transaction and will become the CEO of a newly formed holding company that is focused on acquiring additional, complementary businesses. We believe that Mid Atlantic’s client-first approach to technology and service has truly differentiated the Company in the marketplace.” “Mid Atlantic has an impressive history of growth and leadership in its market, and we are excited to partner with Chuck, Paul, and Tim. “Over the past twelve months, we have worked with John Moody and Waterfall to identify a retirement centric, technology enabled provider of services to financial advisors and their clients, and we believe Mid Atlantic is the ideal partner,” said Andrew Dodson, a Managing Partner of Parthenon. “We are excited to partner with firms like Parthenon and Waterfall that share our vision of providing first class service to our clientele, and that will support and enhance our ongoing investment in tools and technology to continually raise the bar in that respect.” “For more than 25 years, Mid Atlantic has supported investment professionals and financial organizations with tools to help attract, grow, and retain assets,” said Mr. Mid Atlantic’s existing management team, led by Executive Chairman Charles Warden, CEO Paul Schneider, and Group CEO Tim Friday, will remain significant shareholders in the company and continue to lead the firm’s day-to-day operations. Also investing in the transaction with Parthenon and Waterfall is long-term industry veteran John Moody. The transaction will also position Mid Atlantic to grow through organic initiatives and opportunistic strategic acquisitions. The transaction, which will not be consummated until applicable regulatory approvals (including an approval from South Dakota Division of Banking) are obtained, will provide Mid Atlantic with an opportunity to leverage the investors’ experience and resources to accelerate the development of and investment in client-centric technology, products, services and people. Pittsburgh – Subject to regulatory approvals, Mid Atlantic Capital Group (“Mid Atlantic”), a leading provider of custody, brokerage, trade processing, and financial services technology, announced that it has entered into an agreement that contemplates a strategic transaction with Parthenon Capital Partners (“Parthenon”), a growth-oriented private equity firm, and Waterfall Asset Management (“Waterfall”), an alternative asset manager. Mid Atlantic to continue to expand product and service offering and pursue strategic acquisitions.Mid Atlantic to invest further in client-centric tools, technology, and services.Mid Atlantic Announces Major Strategic Transaction with Parthenon Capital Partners and Waterfall Asset Management
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