We’re excited to share some of the highlights from LMP’s investment activity this past year. We at LMP continue to focus on driving steady growth across our portfolio and seek to deliver strong risk-adjusted returns for our investors. Our team thrives on partnering with founders and leadership teams to accelerate value creation through organic growth and strategic acquisitions, positioning their businesses for long-term, sustainable success. We are incredibly thankful for the support from our investors, family, and friends, and look forward to what 2024 will bring!
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PORTFOLIO COMPANY REALIZATIONS
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ACTIVE PORTFOLIO COMPANIES
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TEAM MEMBERS ADDED +
PROMOTIONS
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BABIES, WEDDINGS, ENGAGEMENTS
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$480M+ Invested Capital in 2023
$660M+ Gross Proceeds Generated in 2023
$386M Coinvestment Capital Raised in 2023
$4.75B Committed Capital Since Inception
50+ Portfolio Companies Since Inception
175+ Add-On Acquisitions Since Inception
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“The partnership with LMP represents an exciting chapter in our Company’s history. We are confident that LMP’s extensive experience and resources will empower us to provide even more cutting-edge healthcare solutions to market and make a positive impact on benefit administration and cost containment strategies.”
– Vincent Esposito, Chief Executive Officer, S&S Health(1)
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INVESTMENTS REALIZED 2023
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Portfolio Company Realizations
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In March, LMP announced the successful recapitalization of Pathstone, including a new strategic equity investment from Kelso & Company, a leading private equity firm focused on partnering with middle market companies. LMP, which has been a crucial and impactful partner in Pathstone’s exciting growth since 2019, will continue its investment in the business and deploy additional capital as part of the transaction. LMP’s new investment signals its continued excitement for Pathstone’s business model and position as an industry leader.
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In January 2023, LMP announced the sale of National Auto Care (“NAC”) to APCO Holdings, LLC. This transaction marks the completion of a successful partnership between LMP and NAC that began just over four years ago. During that time period, NAC grew aggressively to become one of the leading national finance & insurance (“F&I”) platforms in the industry.
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Details of the third portfolio company realization, which closed in December 2023, are unable to be disclosed here.
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2023 PLATFORM INVESTMENTS
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LMP Has Completed 6 Majority Investments!
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ACU-Serve is a leader in revenue cycle management for healthcare providers focused on post-acute, home-based care. Read more here!
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S&S Health partners with brokers, program managers, carriers, and other third-party administrators to offer comprehensive healthcare services and coverage. Learn more here!
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Net at Work Inc. is one of North America’s largest providers of next-generation, digital operations platform technology solutions for small-to-medium sized businesses. Read the details here!
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Pathstone is an independently operated, partner-owned advisory firm offering comprehensive family office services and customized investment advice. In May, LMP announced the successful recapitalization of our investment. Read more here!
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Definiti is a national retirement services firm that supports more than 8,000 workplace organizations and 15,000 retirement plans across the US.
Read about it here!
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London & Capital is an independently owned, London-based, wealth and asset manager with £4.3 billion in assets under management. Read more here!
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Our Partners' Perspectives in the Media
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Here is a collection of industry leading publications who sought our Partners’ commentary on the market or covered Lovell Minnick news:
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We also launched “LMP Spotlight”, our LinkedIn newsletter dedicated to shining a light on the partnerships, news, and trends that drive us at LMP.
Check out our inaugural edition highlighting our successful partnership with Foreside, a governance, risk, and compliance solutions platform for the investment services industry and our most recent edition highlighting our partnership with oneZero, a leading foreign exchange software platform providing middle-office and risk management solutions to banks, brokers and non-bank market makers.
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3-Time Inc. Magazine Founder-Friendly Investor Honoree(2)*
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Thrilled to share that for the third year in a row, LMP has been named to Inc. Magazine’s 2023 Founder-Friendly Investor list! This annual award recognizes PE and VC firms that believe in backing founder-led businesses and helping them thrive.
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LMP Principal Roumi Zlateva Named to GrowthCap's Top Women Leaders in Growth Investing for 2023(3)*
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Principal Roumi Zlateva was named to GrowthCap’s Top Women Leaders in Growth Investing of 2023 list! The list recognizes women who through their investment acumen, operational capabilities, and work ethic have had a profound impact on their firms, portfolio companies, limited partners, and others.
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Portfolio Company Highlights
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Read on for some of this year's highlights from select portfolio companies:
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ATTOM announced the appointment of Ned Stringham to its Board of Directors as Chairman of the Board and the promotions of two executives.
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STP Investment Services announced the appointment of industry veteran David Whitaker as its Head of Strategy & Corporate Development
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LMP Commits to ESG Data Convergence Initiative
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We're honored to join over 350 other GPs and LPs as members of the ESG Data Convergence Initiative, helping to provide useful, performance-based, comparable ESG data in the industry.
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PE WIN: Irene Hong Edwards at the Inaugural
Private Equity Women Investor Network Seoul Event
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In mid-May, LMP was thrilled to help sponsor Private Equity Women Investor Network’s (PEWIN) inaugural event in Seoul to celebrate its newest chapter. The organization provides an intimate forum for senior women general partners, limited partners and private equity professionals to network, share investment ideas, explore potential opportunities to work together, and generally increase the profile of female leaders in our industry. LMP’s Irene Hong Edwards, Partner, Head of Investor Relations, participated in the launch dinner.
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We welcomed a record number of attendees to our October annual investor meeting in New York City. Thank you to all our investors and guests that made it such an engaging day!
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Our team was thrilled to be together in Nashville for our 2023 Investment Team Offsite.
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At the start of 2023, we announced the expansion of our leadership team with the promotions of Irene Hong Edwards and Timothy Rampe to Partner, as well as Lindsay Strait to Vice President, Cody Isdaner to Chief Compliance Officer & Counsel, Marji Hendler to Head of Administration, and Paul Mattson to Vice President of Finance.
In addition, we welcomed 4 new team members: Sahil Kadakia, Jake Ross, and Nick Rutkowski as Assocates on the Investment Team, and Fawad Karim as Assocate, Investor Relations. Experienced industry executives Ned Stringham and Don Weinstein were appointed to LMP's Advisory Council* in 2023.
And we kicked off 2024 with the announcement of these well deserved promotions: Spencer Hurst to Principal, Mark Adelman to VP of Operations, Kayla McGrail to Senior Accountant, and Katie Woeger to Executive Assistant.
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*Advisory Council Members are independent contractors that are advisors to Lovell Minnick Partners and portfolio companies of Lovell Minnick. They are not employees of Lovell Minnick entities.
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Support in Our Communities
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On June 9th, we hosted our annual LMPhilanthropy Day, with our team volunteering in our local communities: talking about financial literacy at Beacon House in Los Angeles, mentoring students at City Squash in New York City, and prepping meals at Caring for Friends in Philadelphia.
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In addition to LMP's employee-match program which supports staff charitable giving, the firm is proud to make year-end donations to organizations that work to improve our commuities where we work and live.
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Lovell Minnick Partners (“LMP”) invests in growth-oriented companies. We partner with founders and leadership teams to accelerate value creation through organic growth and strategic acquisitions, positioning their businesses for long-term, sustainable success. We leverage our deep sector experience and broad network of strategic advisors to identify and execute multiple strategic levers to drive transformational growth.
Since our inception in 1999, we have raised over $4.75 billion of committed capital, invested in over 50 companies and completed over 175 add-on acquisitions. LMP targets growth-oriented, middle-market companies in the financial services, financial technology and business services sectors.
If you’re interested in learning more about our firm, strategy or any of the insights included in this newsletter, you can contact us here.
For more information on our firm and our strategy, please visit www.LMPartners.com.
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Endnotes and Important Disclosures
- Vincent Esposito is the CEO at S&S Health (“S&S”), a Fund VI portfolio company, who provided statements concerning S&S’s partnership with Lovell Minnick in an October 2023 press release following the announcement of Fund VI’s acquisition of S&S. Mr. Esposito was not solicited to make such statement, has not received any compensation or other benefit in exchange for providing these statements and is not a current advisory client of Lovell Minnick or an investor in any fund sponsored by Lovell Minnick. While Lovell Minnick does not believe this creates a conflict of interest, Mr. Esposito’s relationship with Lovell Minnick has the potential to create a conflict of interest or otherwise influence the statements made by him about Lovell Minnick.
- Lovell Minnick was included on Inc's Founder-Friendly Investor list in 2021, 2022, and 2023. The list recognizes the top private equity, venture capital and private debt firms committed to partnering with entrepreneurs to accelerate their businesses. The 2023 list recognizes 218 firms that remain actively involved and work closely with the companies that they invest in, which, in turn, has earned them the trust of the entrepreneurs they support to drive growth and innovation. To compile this list, Inc. surveyed entrepreneurs who have sold their businesses to private equity and venture capital firms. These founders responded to a questionnaire about their experiences and provided data on the growth of their companies during these partnerships. Firms pay an application fee to be considered for this list. The Founder-Friendly Investor list is announced annually by Inc. The 2023 list was released on October 31, 2023. For more information about the selection criteria and process, please visit https://www.inc.com/founder-friendly-investors/2023.
- The GrowthCap Top Women Leaders in Growth Investing of 2023 list was announced on July 26, 2023. GrowthCap is a leading growth capital research and advisory firm, not affiliated with Lovell Minnick. This award recognizes women who have demonstrated deep expertise in private company investing, portfolio management, firm operations as well as business expansion strategy and execution. The award is the subjective determination of GrowthCap and not Lovell Minnick. To determine this year’s awardees, GrowthCap ran a thorough nomination process and reviewed feedback received from each nominee’s colleagues, portfolio company executives and/or others in the industry. Each candidate was evaluated based on her demonstrated success in her specific roles, breadth of experience, longevity in the field, and consistency in performance, among other factors. Lovell Minnick submitted a nomination to be considered for and, once selected, paid to be included on, and to promote inclusion on, this list. Read the full article and learn more about the award here.
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Except where otherwise noted, figures presented herein are current through 12/31/23.
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The information in this newsletter should be held in strict confidence and not copied, shared or distributed to any third party without the express prior written consent of Lovell Minnick.
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Inclusions on lists, rankings or awards may not be representative of a particular investor’s experience or Lovell Minnick’s or its Funds’ future performance, and there is no guarantee that similar rankings or awards will be obtained by Lovell Minnick in the future.
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The content of this newsletter is for general, informational purposes. This newsletter is not an offer to sell nor a solicitation of an offer to purchase interests in any fund sponsored by Lovell Minnick or its affiliates. Offers and sales will be made only pursuant to confidential private placement memoranda, complete documentation of the relevant vehicle and in accordance with applicable securities laws.
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This newsletter includes information regarding Lovell Minnick Partners’ past and present portfolio companies, including the opinions of past and present Lovell Minnick and portfolio company personnel regarding Lovell Minnick’s partnering capabilities which are intended to be viewed by potential portfolio company executives. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Lovell Minnick Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the newsletter is not necessarily indicative, or a guarantee, of future results.
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The portfolio companies represented in this newsletter were chosen to illustrate Lovell Minnick’s investment experience and the processes and approaches used by Lovell Minnick in the past with respect to its portfolio companies and investment funds, and does not purport to be a full list of investments by Lovell Minnick funds. A complete list of portfolio companies is available on Lovell Minnick’s website (www.LMPartners.com).
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Investments in private equity funds such as the Lovell Minnick funds are speculative and involve substantial risk of loss. No assurance can be given that a fund will achieve its investment objectives or avoid substantial losses. Information about any Lovell Minnick fund and investments made by such fund, including past performance of such funds and investments, is provided solely to illustrate Lovell Minnick’s investment experience, and processes and strategies used by Lovell Minnick in the past with respect to such funds. The performance information relating to Lovell Minnick’s previous investments is not intended to be indicative of a fund’s future results. Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that a fund will achieve comparable results as those presented or that investors in a fund will not lose any of their invested capital. Under no circumstances should these videos be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Lovell Minnick.
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These disclosures apply only to this newsletter and not to other websites that may be accessible from the newsletter and Lovell Minnick shall not be responsible for the content of any third-party website accessible from this newsletter. If you access any third-party website through this newsletter, you do so at your own risk and we encourage you to review the privacy policies and user agreements of all other websites that you visit as such policies and agreements will govern your use of those websites.
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Copyright © 2024 Lovell Minnick Partners All rights reserved.
Our Offices:
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