Lovell Minnick Partners has acquired Keane, a provider of outsourced unclaimed property services, from DFW Capital and Maranon Capital which acquired Keane in December 2010. The senior management team at Keane will invest in the company alongside Lovell Minnick.
“We believe Keane is well positioned for growth,” said Lovell Minnick Managing Director Bob Belke. “The regulatory environment concerning unclaimed property continues to evolve and grow more complex. Keane has the team and resources to help financial institutions navigate through these challenges. We are thrilled to partner with CEO Michael O’Donnell and his team as they continue to deliver best-in-class solutions to the industry”.
Keane provides outsourced unclaimed property services to financial institutions including transfer agents, mutual funds, banks, brokerages and insurance companies. Services include locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting and other unclaimed property compliance-related services. Keane employs more than 200 people in its New York headquarters, main operating facility in King of Prussia, PA, and various satellite offices (www.KeaneUP.com).
“We are very excited to partner with Lovell Minnick given their depth of knowledge and relationships in the financial services industry,” said Keane Chief Executive Officer Michael O’Donnell. “We have a shared vision for the growth potential of Keane, and I look forward to their assistance in helping us execute on our strategy.”
Lovell Minnick Partners provides buyout and growth capital to companies in the financial services industry. Lovell Minnick manages private equity partnerships with committed capital totaling over $850 million. The firm is the successor to the private equity affiliate of Putnam Lovell Securities which was established in 1999 by Jeffrey Lovell and James Minnick. Lovell Minnick has offices in Philadelphia and Los Angeles (www.lovellminnick.com).
“We appreciate all of the knowledge, support and expertise that our previous owners, DFW Capital and Maranon Capital, have provided during their period of ownership,” said Mr. O’Donnell. “The people, processes, and dedication to our clients that have enabled us to achieve such rapid growth with their support are the same reasons Lovell Minnick is investing in us.”
DFW Capital Partners invests in lower middle market companies. Sectors of interest include outsourced healthcare and business services, including clinical services, specialty distribution, automated dispensing and pharmacy technology. DFW is headquartered in Teaneck, NJ, and maintains an office in Chevy Chase, MD (www.dfwcapital.com).
Maranon Capital provides senior financing, mezzanine debt and equity co-investments for private equity-backed and non-sponsored middle market transactions. The firm is currently managing over $1 billion of committed capital. In October of 2013, Maranon Capital held a final close of Maranon Senior Credit Fund II at its target level of $330 million. Maranon has offices in Chicago, IL; Birmingham, MI (near Detroit) and South Bend, IN (www.maranoncapital.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-20-14