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Rating:Ultimus' Chiefs Do a Private Equity Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 20, 2012

Ultimus' Chiefs Do a Private Equity Deal

News summary by MFWire's editors

Private equity firm LLR Partners is buying a minority stake in mutual fund service provider Ultimus Fund Solutions. The deal was announced in a press release, and the terms were not disclosed.

Ultimus' co-founders and managing directors, Bob Dorsey and Mark Seger, will continue to run the company.

Todd Morrissey, a partner at LLR who led the deal, said that the private equity firm is not planning on making any major changes to Ultimus' operations, but he hopes to continue to expand the sales and marketing team. In April, MFWire reported that Ultimus hired Kirk Littleton from BNY Mellon to be head of business development.

LLR is a private equity firm with more than $1.4 billion under management and focuses exclusively on the business and service industries. Morrissey said the firm was attracted to the growth opportunities in the middle-market mutual fund service industry, which Ultimus targets.

"There has been a lot of consolidation at the upper end of the market among the larger mutual fund service providers, leaving a void of focus on servicing middle-market mutual funds," he said.

Under the deal, there will be three additions to the Ultimus board of directors: Jim Ashton, former CEO of the financial systems division of SunGard; Mitchell Hollin of LLR Partners; and Michael Bishof, CEO of Independence Capital Partners.

Park Sutton Advisors worked with Ultimus on this deal.

Asset Servicing Times and Philadelphia Business Journal also reported on the buy. 

Edited by: Chris Cumming

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