Pending transaction will facilitate further growth and investment; Parthenon Capital Partners to sell a controlling stake but remain as investors and on the board of directors
OAK BROOK, IL and Boston, MA – Abry Partners (“Abry”), a leading Boston-based private equity firm, announced today that it has signed a definitive agreement to make a significant investment in Millennium Trust Company (“Millennium Trust” or the “Company”), a leading provider of technology-enabled retirement services and institutional custody solutions for businesses, institutions, advisors, and individuals. The closing of the transaction is subject to customary conditions and regulatory approvals, including the approval of the Illinois Department of Financial and Professional Regulation. Parthenon Capital Partners (“Parthenon”), a leading private equity firm based in San Francisco, Boston, and Austin, will retain a minority stake in Millennium Trust and remain actively involved on the Company’s board of directors.
“Our team has built Millennium Trust into the industry leader, providing best-in-class technology and service to our clients across our businesses,” said Gary Anetsberger, Chief Executive Officer of Millennium Trust. “We are thrilled to partner with Abry. Their investment will allow us to further strengthen our existing position in the market, while investing in additional products and technologies that will better serve our clients. Parthenon has been a fantastic partner, and we look forward to their continued involvement.”
“We look forward to partnering with Gary and the entire management team to support the Company’s next phase of growth,” said Azra Kanji, Partner at Abry. “Millennium Trust’s expertise and continuous innovation have created a leader in custody solutions, and we believe the Company will continue to grow and evolve in the markets it serves.”
Founded in 2000 and headquartered in Oak Brook, IL, Millennium Trust has grown to approximately $26 billion in assets under custody and currently serves more than 1,100,000 individual accounts. Over the past several years, the Company has invested significantly in industry-leading technology and services in its core retirement and custody segments, including recently launched Workplace Savings and direct IRA rollover solutions. In addition, Millennium Trust has recently completed several acquisitions that have accelerated its growth trajectory.
Millennium Trust has been recognized as one of the fastest-growing companies through its inclusion on the Crain’s Chicago Business Fast 50 list and the Inc. 5000 list for 2018. The Company has also received numerous awards for its best-in-class service and technology, including, most recently, having been honored at LendIt Fintech USA 2018 as the “Professional Services Company of the Year.”
Andrew Dodson, Managing Partner at Parthenon, said, “The entire Millennium Trust management team have been fantastic partners. We have thoroughly enjoyed working with them and are extraordinarily proud of what we have achieved.” Brian Golson, co-Chief Executive Officer of Parthenon, added, “We look forward to continuing our partnership with Millennium Trust. The Company has accomplished a tremendous amount during our partnership, and we believe it is poised for even greater success ahead.”
Raymond James & Associates and William Blair & Company served as financial advisers to Millennium Trust and Parthenon. Kirkland & Ellis, LLP acted as legal advisor for Abry, Millennium Trust, and Parthenon in connection with the transaction.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it’s the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients’ success. Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, visit mtrustcompany.com.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $80 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds. For more information about Abry, visit the firm’s website at: www.abry.com.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.