Alston & Bird client Pathstone, a leading registered investment advisory firm, announced a proposed investment by private equity firm Lovell Minnick Partners (LMP).
Under the terms of the transaction, Pathstone will remain independent and will continue to be managed by its existing leadership team.
With LMP’s investment, Pathstone’s current financial partner, Fiduciary Network LLC, will fully exit its investment.
Founded in 2010, Pathstone provides integrated and customized family office, wealth, and investment services to multigenerational families, single-family offices, high-net-worth individuals, and institutions. It is privately held with $15 billion in assets under advisement through seven locations nationwide.
LMP focuses on investments in the global financial services industry, including related technology and business services companies. Since 1999, it has raised $3.3 billion of committed capital from leading institutional investors.
The companies are targeting the fourth quarter of 2019 to close the transaction, which is subject to regulatory approvals and other customary closing conditions.
This transaction is the most recent by Alston & Bird for Pathstone. In 2014, the firm represented Pathstone in its original transaction with Fiduciary Network, as well as its prior acquisitions of Federal Street Advisors and Convergent Wealth Advisors in 2016.
Advising Pathstone is an Alston & Bird team led by partners Chris Frieden and David E. Brown, senior associate Ian Calhoun, and associate Nathan Tyre (Financial Services & Products); partners Brian Harvel and Scott Harty and associate Mike Senger (Federal & International Tax); partner Brett Coburn (Labor & Employment); partners Mike Stevens and Blake MacKay (Employee Benefits & Executive Compensation); partner Jordan Myers (Finance); partner David Teske (Technology and Privacy); and senior associate Charlie Yates (Corporate & Business Transactions).