Keane, an unclaimed property services provider and a portfolio company of Lovell Minnick Partners, has acquired Unclaimed Property Recovery & Reporting and its subsidiary, UPRR Securities. Lovell Minnick acquired Keane from DFW Capital Partners and Maranon Capital in February 2014.
Unclaimed Property Recovery & Reporting (UPRR) provides outsourced unclaimed property services to corporations to minimize the liability and risk associated with unclaimed property. The company was founded in 1996 and is headquartered in New York (www.uprrinc.com).
Keane is a provider of outsourced unclaimed property services. Keane provides corporations, mutual funds, banks, brokerages, insurance companies and transfer agents with a suite of outsourced services, including locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting and other unclaimed property compliance-related services. Keane has approximately 200 employees and is headquartered in New York. The company has an operating facility in King of Prussia, PA, and other satellite offices across the country (www.KeaneUP.com).
With the acquisition of UPRR, Keane now provides unclaimed property services to more than 2,000 public corporations, banks, broker-dealers, mutual funds, insurance carriers, and transfer agents.
“This acquisition is ideal for the industry, as the services offered by both Keane and UPRR complement each other perfectly,” said Keane Chief Executive Officer, Michael O’Donnell. “Through the combination of each of our advanced owner location service platforms, clients of both Keane and UPRR will now have access to an even greater suite of services to assist their shareholders, customers, and investors.”
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).
2014 PEPD • Private Equity’s Leading News Magazine • 12-12-14