Lovell Minnick buys majority stake in Foreside Financial

Private equity firm adds Maine-based compliance and distribution consultants

Lovell Minnick Partners, a private-equity firm based in Radnor, Pa., has agreed to purchase a majority stake in the Portland, Maine-based financial consulting firm Foreside Financial Group.

Foreside, which has about 140 employees, provides a variety of outsourced solutions for underwriting and Finra licensing, as well as compliance consulting, fund officer services and trust governance. Its clients include broker-dealers, registered investment advisers and investment managers. Terms of the deal were not disclosed.

Established in 2005, Foreside is led by CEO Richard Berthy and President Dave Whitaker, who will remain shareholders and continue in their current management roles, Lovell Minnick said in a news release.