PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Mid Atlantic to partner with Parthenon Capital Partners and Waterfall Asset Management

Mid Atlantic Capital Group, a provider of custody, brokerage, trade processing, and financial services technology is to partner with Parthenon Capital Partners, a growth-oriented private equity firm, and Waterfall Asset Management, an alternative asset manager.

The transaction, which will not be consummated until applicable regulatory approvals (including an approval from South Dakota Division of Banking) are obtained, will provide Mid Atlantic with an opportunity to leverage the investors’ experience and resources to accelerate the development of and investment in client-centric technology, products, services and people. The transaction will also position Mid Atlantic to grow through organic initiatives and opportunistic strategic acquisitions. Also investing in the transaction with Parthenon and Waterfall is long-term industry veteran John Moody.
 
Mid Atlantic’s existing management team, led by Executive Chairman Charles Warden, CEO Paul Schneider, and Group CEO Tim Friday, will remain significant shareholders in the company and continue to lead the firm’s day-to-day operations.
 
“For more than 25 years, Mid Atlantic has supported investment professionals and financial organisations with tools to help attract, grow, and retain assets,” says Warden. “We are excited to partner with firms like Parthenon and Waterfall that share our vision of providing first class service to our clientele, and that will support and enhance our ongoing investment in tools and technology to continually raise the bar in that respect.”
 
“Over the past twelve months, we have worked with John Moody and Waterfall to identify a retirement centric, technology enabled provider of services to financial advisors and their clients, and we believe Mid Atlantic is the ideal partner,” says Andrew Dodson, a Managing Partner of Parthenon. “Mid Atlantic has an impressive history of growth and leadership in its market, and we are excited to partner with Chuck, Paul, and Tim. We believe that Mid Atlantic’s client-first approach to technology and service has truly differentiated the Company in the marketplace.”
 
Moody, a long-standing industry expert with deep operating expertise in the custody and financial technology markets, is also investing in the transaction and will become the CEO of a newly formed holding company that is focused on acquiring additional, complementary businesses.
 
“I’ve known the leadership team at Mid Atlantic for decades and have a tremendous amount of respect for the world-class company they have built,” says Moody. “We have a shared vision to continue growing Mid Atlantic, both organically and through acquisitions, into the premier trust, custody, and financial technology platform for retirement plan, bank trust, and wealth management providers.”
 

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured