June 18, 2012
LLR Partners led an investment in Ultimus Fund Solutions, one of the largest independent providers of fund accounting, fund administration, distribution, transfer agent and shareholder services to the mutual fund industry. Performed by teams of CPAs, attorneys, paralegals and other professionals with a wealth of mutual fund experience, Ultimus’ broad range of services are offered to both open-end and closed-end funds.
Co-founders and Managing Directors Bob Dorsey and Mark Seger will maintain control of the company, leveraging the growth capital to expand their business while continuing to deliver high quality mutual fund solutions.
“LLR was the only firm we talked to that looked at Ultimus as a partner, not just another transaction,” said Dorsey. “The team’s expertise in financial and business services enabled them to understand our business quickly and speak our language. Their willingness to craft a deal that provides the capital and strategic guidance we need to grow, but allows Mark and me to continue to run the business we created, made partnering with LLR an ideal path forward for Ultimus.”
“Industry consolidation by the largest service providers has left a void for mutual funds wanting high quality services,” said Todd Morrissey, partner on the Financial Services investment team at LLR Partners. “As a well-respected industry player, with an impressive roster of clients and high service level culture, Ultimus has the right foundation to increasingly capture share in a market serving more than 8,000 mutual funds with more than $12 trillion of assets under management.”
Jim Ashton, former CEO of the financial systems division of SunGard Data Systems Inc.; Mitchell Hollin, Partner at LLR Partners; and Michael Bishof, President and Chief Executive Officer of Independence Capital Partners, will join the Ultimus Board of Directors. Park Sutton Advisors served as the advisor to Ultimus in this transaction.