A Los Angeles private-equity firm has agreed to purchase ALPS Financial Services Inc., a Denver provider of services to portfolio managers.
Lovell Minnick Partners LLC said Thursday it will pay an undisclosed amount to buy out the 60 percent interest that ALPS founder W. Robert Alexander controlled.
“We weren’t particularly looking to sell. At the end of the day it seemed to be a good fit,” Alexander said. “The thing that was important to me was that everything remain in place.”
ALPS president Edmund Burke and managing directors Thomas Carter and Jeremy May will roll their ownership into the new company.
ALPS will remain in Denver, retain its staff of 90 and receive a capital infusion, Alexander said.
ALPS provides services such as back-office administration, accounting and distribution to money managers.
The firm administers approximately $10 billion on behalf of clients that include WestCore funds, Clough closed-end funds and Select Sector SPDR Trust.
“You have a company in the financial services segment selling to an investor who has a focus in financial services,” said Warren Henson, an investment banker with Green Manning & Bunch, which helped put the deal together.
The buyout is expected to close in September.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
