LLR Partners Invests in Ultimus
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LLR Partners Invests in Ultimus

LLR Partners today announced an investment in Ultimus Fund Solutions, a provider of accounting and administrative services to mutual funds. The co-founders of Ultimus, Bob Dorsey and Mark Seger, will maintain control of the company and use the growth capital to expand the business.

Ultimus is one of the largest independent providers of fund accounting, fund administration, distribution, transfer agent and shareholder services to the mutual fund industry. Ultimus’ services are offered to both open-end and closed-end funds. The firm is based in Cincinnati, OH (www.ultimusfundsolutions.com).

“LLR was the only firm we talked to that looked at Ultimus as a partner, not just as another transaction,” said Mr. Dorsey. “The team’s expertise in financial and business services enabled them to understand our business quickly and speak our language. Their willingness to craft a deal that provides the capital and strategic guidance we need to grow, but allows Mark and me to continue to run the business we created, made partnering with LLR an ideal path forward for Ultimus.”

LLR Partners makes both minority and control investments in middle market growth companies. Industries of interest include healthcare; financial and business services; information technology; and education. LLR is currently investing out of its $800 million third fund, LLR III. The firm has over $1.4 billion of assets under management and is located in Philadelphia, PA (www.llrpartners.com).

“Industry consolidation by the largest service providers has left a void for mutual funds wanting high quality services,” said Todd Morrissey, partner on the Financial S
ervices investment team at LLR Partners. “As a well-respected industry player, with an impressive roster of clients and high service level culture, Ultimus has the right foundation to increasingly capture share in a market serving more than 8,000 mutual funds with more than $12 trillion of assets under management.”

Park Sutton Advisors, an investment bank serving the financial services industry, served as the advisor to Ultimus in this transaction. Park Sutton is based in New York (www.parksuttonadvisors.com).

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