LMP makes majority investment in retirement services firm

Lovell Minnick Partners, a private equity firm with a 20-plus year track record of partnering with growth-oriented companies, is to acquire a majority stake in Definiti LLC, a retirement services firm that supports more than 8,000 workplace organisations and 10,000 retirement plans across the US. 

Lovell Minnick Partners (LMP), a private equity firm with a 20-plus year track record of partnering with growth-oriented companies, is to acquire a majority stake in Definiti LLC, a retirement services firm that supports more than 8,000 workplace organisations and 10,000 retirement plans across the US. 

Definiti will use the investment to accelerate investments in client service, technology, innovation, and talent, with LMP also committing to support the firm’s existing acquisition strategy. 

Terms of the deal, which is expected to close in the first quarter of 2023, subject to customary regulatory reviews and approvals, have not been disclosed.
 
Waller Helms Advisors served as financial advisor to LMP, and Raymond James served as financial advisor to Definiti. Goodwin Procter served as legal advisor to LMP, and Nutter, McClennen & Fish LLP served as legal advisor to Definiti.