Lovell Minnick Announces Acquisition of Keane
NEW YORK CITY, February 20, 2014 – Lovell Minnick Partners is pleased to announce the acquisition of Keane, the nation’s leader in outsourced unclaimed property solutions.
Led by an experienced group of industry executives, Keane provides outsourced unclaimed property services to many of the nation’s largest financial institutions including transfer agents, mutual funds, banks, brokerages and insurance companies. Services include locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting and other unclaimed property compliance-related services.
Keane Chief Executive Officer Michael O’Donnell commented, “We are very excited to partner with Lovell Minnick given their depth of knowledge and relationships in the financial services industry. We have a shared vision for the growth potential of Keane, and I look forward to their assistance in helping us execute on our strategy.” Senior management team members at Keane will invest in the company alongside Lovell Minnick.
Lovell Minnick Managing Director Bob Belke said, “We believe the Company is well positioned for growth. The regulatory environment concerning unclaimed property continues to evolve and grow more complex. Keane has the team and resources to help financial institutions navigate through these challenges. We are thrilled to partner with Mike and his team as they continue to deliver best-in-class solutions to the industry”.
Keane is the country’s leading provider of comprehensive outsourced unclaimed property solutions. From customized communication programs to in-depth consulting and annual compliance outsourcing, Keane provides corporations, mutual funds, banks, brokerages, insurance companies and transfer agents with a full suite of professional outsourced services. Keane employs more than 200 people across the country in its New York, NY headquarters, main operating facility in King of Prussia, PA, and various satellite offices. For more information on Keane, please visit www.KeaneUP.com.
About Lovell Minnick Partners LLC
Lovell Minnick Partners LLC is an independent private equity firm providing buyout and growth capital to companies in the financial services industry. From offices in Philadelphia and Los Angeles, Lovell Minnick manages private equity partnerships with committed capital totaling over $850 million. Portfolio companies of Lovell Minnick operate in various areas of the global financial services industry, including asset management, banking, specialty finance, financial product distribution, securities brokerage, financial consulting services and specialized outsourcing solutions. For more information regarding Lovell Minnick Partners, visit www.lovellminnick.com.