Lovell Minnick Partners (LMP), a Radnor, PA-based private equity firm focused on partnering with growth-oriented, middle-market companies, acquired a majority stake in Definiti, a national retirement services firm that supports over 8,000 workplace organizations and 10,000 retirement plans across the US.

Terms of the deal, which is expected to close in the first quarter of 2023, have not been disclosed.

Founded in 2015, Definiti is a third-party administrator that provides workplace organizations with retirement plan administration, recordkeeping and compliance services, as well as actuarial consulting and pension outsourcing.

“LMP’s experience, network, history with accelerating M&A strategies and emphasis on client and high-touch services make them an ideal partner to support Definiti’s growth,” said Tom Gaillard, CEO of Definiti.

Since inception in 1999, LMP has raised approximately $4.3 billion, invested in over 50 companies and completed over 175 add-on acquisitions.

LMP recently expanded its leadership team with the promotions of Irene Hong Edwards and Timothy Rampe to Partner. Additional promotions included 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.

Waller Helms Advisors served as financial advisor to LMP, and Raymond James served as financial advisor to Definiti. Goodwin Procter served as legal advisor to LMP, and Nutter, McClennen & Fish LLP served as legal advisor to Definiti.