Lovell Minnick Partners, based in Philadelphia, will soon acquire a majority stake in London & Capital. The financial terms of the deal were not disclosed.
“We chose to partner with LMP because of the firm’s excellent track record of working with management teams to scale and enhance wealth and asset management firms," Guy McGlashan, CEO at London & Capital, said in a news release. "Their deep experience in the space and our sense of shared values and culture align with our focus on providing an exceptional service and experience for our clients. We are at an exciting point in our evolution as a firm and attracting the private investment plus the operational support LMP offers, will allow us to expand our client solutions, grow internationally, invest in technology, and bring on new teams. We look forward to working closely with the LMP team.”
The definitive agreement is secured with the independently owned, London-based wealth and asset manager with more than $4.8 billion in assets. Under the terms of the deal, London & Capital management team will continue overseeing the business and retain a significant minority stake.
Over the span of the last five years, the company has built various connections with U.S.-based parties, strengthened its assets under management, revenues and profits, and launched in Europe to better fulfill the demands of its post-Brexit clients. With over 800 private and institutional clients, the company has also developed various technological solutions for its growing client base.
“London & Capital’s long-standing success and stability is a testament to their comprehensive and client-centric approach to wealth and asset management,” said Spencer Hoffman, partner at LMP. “Their excellent client relationships, strong culture and talented teams position them very well for organic and inorganic growth in what are largely fragmented markets both locally and internationally.”
Raymond James Financial International Limited contributed to the deal as financial adviser to LMP, while Spencer House Partners served as financial adviser to London & Capital. Proskauer Rose LLP served as legal counsel to LMP, and Charles Russell Speechlys worked as legal counsel to London & Capital. Wallace LLP and Cavendish Corporate Finance LLP served as legal and financial advisers to the Freedman family.
The definitive agreement, subject to customary regulatory reviews and approvals, is expected to be completed in the fourth quarter of this year.