Mercer Advisors Acquired by Lovell Minnick Equity Partners II LP
Lovell Minnick Partners Announces the Acquisition of Mercer Advisors Inc.
SCOTTSDALE, April 7, 2008 – Mercer Advisors Inc., a leading provider of financial planning, asset management and practice management consulting services to dental and medical professionals, announced today that it has sold a majority interest to Lovell Minnick Partners. Lovell Minnick Partners is a private equity firm which specializes in the global financial services industry. The senior management team of Mercer Advisors will continue to have a substantial ownership position in the firm. The transaction is expected to close in the second quarter of 2008.
“This transaction will enable Mercer to more aggressively expand its dental market share and provides us the capital necessary to better and more quickly develop our client service offerings and therefore to better service our clients,” stated Imtiaz Manji, CEO of Mercer Advisors.
“We are pleased to have attracted Lovell Minnick as partners who are committed to our growth objectives,” stated Dave Barton, President of Mercer Advisors. “Lovell Minnick has deep industry experience and will offer ongoing strategic advice to Mercer as it expands its national presence of offering a fully integrated service to our dental and medical clients.”
Jeffrey Lovell, Managing Director of Lovell Minnick Partners said, “We’ve been keen observers of Mercer’s development for several years and have enjoyed an ongoing dialogue with the management team. We have been impressed with Mercer’s specialized focus in providing wealth management and business consulting services to dental and medical practitioners. We look forward to partnering with this management team as they continue to build upon their strong platform.”
The company will continue to be led by Imtiaz Manji and Dave Barton, supported by Gene Dongieux, Chief Investment Officer, and Howard Rochestie, Executive Vice President.
Mercer Advisors will continue to be a registered investment advisor providing comprehensive financial planning and asset management services to healthcare professionals. Mercer Advisors will also continue to build and develop its consulting services division specializing in improving the productivity and business value for dental practices as well as assisting dental practitioners with the transition and sale of their businesses.
Mercer was represented by Cambridge International Partners Inc. and Lovell Minnick Partners was advised by Duff & Phelps.
About Mercer Advisors Inc.
Based in Scottsdale, Arizona, Mercer Advisors Inc. provides asset management, financial planning, practice consulting and transition consulting for medical professionals, with dental practitioners being the Company’s core target client. Mercer Advisors actively manages over $3.6 billion of clients’ assets and provides consulting services to over 3,000 dental practitioners from its various satellite offices across the United States. The company has approximately 280 employees. For more information about Mercer Advisors Inc. please visit www.merceradvisors.com.
About Lovell Minnick Partners
Lovell Minnick Partners is an independent investment firm which provides buyout and growth capital to developing companies in the global financial services industry. From offices in Los Angeles and Philadelphia, Lovell Minnick manages partnerships totaling over $350 million for qualified private and institutional investors. Portfolio companies of Lovell Minnick operate in various areas of financial services including asset management, financial product distribution, securities brokerage, and financial consulting services. Limited Partners of Lovell Minnick include Aegon U.S.A Inc., Eaton Vance, Invesco, Goldman Sachs, PPM America, and National Bank of Canada. For more information about Lovell Minnick Partners please visit www.LovellMinnick.com.