Lovell Minnick Partners, a private equity firm focused on partnering with growth-oriented companies, has acquired a majority stake in Definiti LLC, a national retirement services firm that supports over 8,000 workplace organizations and 10,000 retirement plans across the U.S.
Founded in 2015, Definiti is a third-party administrator that provides workplace organizations with retirement plan administration, recordkeeping and compliance services, as well as actuarial consulting and pension outsourcing. The firm works with financial advisors, recordkeepers and other partners, aiming to help workplace organizations deliver retirement services to their employees. The investment works to drive Definiti’s investments in client services, technology, innovation and talent.
“We believe our extensive experience in partnering with high growth, service-driven companies, along with attractive regulatory tailwinds, positions Definiti well as we look to capitalize on a highly fragmented retirement services market,” states Jason Berg, partner at LMP.
Waller Helms Advisors served as financial advisor to LMP, and Raymond James served as financial advisor to Definiti. Goodwin Procter served as legal advisor to LMP, and Nutter, McClennen & Fish LLP served as legal advisor to Definiti.