Private equity firm Lovell Minnick Partners LLC and Kanaly Trust announced Monday that Lovell Minnick has agreed to acquire Kanaly, an independent trust company providing wealth management and financial planning services to families, individuals and estates.
Kanaly Trust has nearly $2 billion in assets under management. For more than 35 years, the Houston-based Kanaly family firm has offered clients financial planning and trust and estate services along with outside manager selection. The firm serves as trustee or executor for estates totaling more than $2.5 billion. The transaction is expected to close in the fourth quarter of 2012.
Proceeds from the transaction will be used to provide liquidity to certain existing shareholders and promote future company growth, according to a news release from both companies. The Kanaly family and members of the senior management team of Kanaly Trust will retain a material investment in the firm and continue their focus on clients.
Lovell Minnick Partners is a private equity firm providing buyout and growth capital to companies in the financial services industry. From its offices in the Philadelphia and Los Angeles areas, Lovell Minnick has raised more than $850 million in capital from private and institutional investors and has completed investments in more than 30 companies.