Lovell Minnick To Exit ALPS After 6 Six Years

Lovell Minnick Partners has finally put all the ALPS sale rumors to rest. Late Tuesday, Lovell Minnick announced it was selling ALPS for $250 million to DST Systems, a data processing company. The PE firm owned a majority of ALPS while management had the rest, says Spencer Hoffman, a Lovell Minnick MD. DST--which is also the subject of its own sale rumors-- is buying all of ALPS, he says. ALPS will remain a separate company, according to a statement. The sale is expected to close before the end of the year, Hoffman says.

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