Los Angeles and New York-based Lovell Minnick Partners, the former private equity arm of investment bank Putnam Lovell NBF, has acquired financial advisory and middle market investment bank Duff & Phelps from Webster Financial.
Terms of the deal were not disclosed, according to a press statement.
Investment banking boutique Stone Ridge Partners also featured in the deal. It will be merged into Duff & Phelps. The new management team will be led by Stone Ridge founder Noah Gottdiener, who will serve as the new firm’s chief executive officer, and Chester Gougis, who will continue as Duff & Phelps’ president.
The new Duff & Phelps entity will continue to provide corporate valuations, financial opinions, merger-and-acquisition advisory and private capital raising services. The firm has operations in Chicago, New York, Los Angeles, San Francisco and Seattle and provides its investment banking services to the middle market.
Last month, Lovell Capital Partners spun out of investment bank Putnam Lovell NBF to form independent firm Lovell Minnick Partners. The firm manages $150 million and invests primarily in companies in the financial services industry.
Canadian investment bank National Bank Financial, the parent of Putnam Lovell, is a minority shareholder in Lovell Minnick Partners and will invest in the firm’s next fund, which is currently under development.