Parthenon Capital Partners And Lovell Minnick Partners Complete Purchase Of H.D. Vest Financial Services

<p><location value="LU/us.tx.irving" idsrc="xmltag.org">IRVING, Texas</location>--(BUSINESS WIRE)-- An investor group led by <org>Parthenon Capital Partners</org>, <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick Partners</org>, and Fisher Lynch has completed the previously announced acquisition of <org>H.D. Vest Financial Services</org> from Wells Fargo & Company. </p><p> H.D. Vest’s Chief Executive Officer, <person>Roger Ochs</person>, stated, “This is a landmark event in our firm’s rich history, and we are excited to have Parthenon, <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick</org>, and Fisher Lynch partnering with us as we begin a new chapter of growth at <org value="ACORN:666239308" idsrc="xmltag.org">H.D. Vest</org>. Their collective experience in the financial services arena complements our growth strategy and facilitates further enhancements to our advisor offering. We are committed to providing an unparalleled offering to tax professionals throughout <location value="LC/us" idsrc="xmltag.org">the United States</location> and believe we are even better equipped to do so as an independent firm.” </p><p><person>Brian Golson</person>, Managing Partner at <org>Parthenon Capital</org>, commented, “We were particularly attracted to the company’s exceptional track record of delivering a complete platform to the tax advisor market. When we had the chance to partner with the company’s talented executive team to buy the business from Wells Fargo, we aggressively pursued the opportunity.” </p><p> Lovell Minnick Managing Director, <person>Spencer Hoffman</person>, added, "H.D. Vest’s brand, combined with its track record of growth and client service, firmly establishes the company’s leadership in providing financial advice through the tax professional market. H.D. Vest’s continued focus on tax professionals, and the specific needs they and their clients have, create a differentiated platform that we believe will thrive for years to come.” </p><p><person>Andrew Dodson</person>, a Partner at <org>Parthenon Capital Partners</org>, commented on the market, “There are undeniable trends favoring increased saving for retirement and an increased need for independent financial advice. HD Vest and its advisors are uniquely positioned to benefit from these trends.” </p><p><b>About <org value="ACORN:666239308" idsrc="xmltag.org">H.D. Vest</org></b></p><p> Based in <location value="LU/us.tx.irving" idsrc="xmltag.org">Irving, Texas</location>, <org value="ACORN:666239308" idsrc="xmltag.org">H.D. Vest</org> is a leading independent broker/dealer providing investment and financial advisory solutions to retail investors through tax professionals located throughout <location value="LC/us" idsrc="xmltag.org">the United States</location>. Recognized as the largest tax professional-focused financial services company and third largest independent broker/dealer in <location value="LC/us" idsrc="xmltag.org">the United States</location>, <org value="ACORN:666239308" idsrc="xmltag.org">H.D. Vest</org> provides industry-leading training, technology, and support that enable tax professionals to deliver independent financial solutions to retail investors. Through over 4,800 securities-licensed tax professionals, <org value="ACORN:666239308" idsrc="xmltag.org">H.D. Vest</org> provides comprehensive financial services to more than 1.8 million individuals, families, and small businesses. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.hdvest.com&esheet=50017924&lan=en-US&anchor=www.hdvest.com&index=1&md5=39af95c63c748d6b1f6ed2e041cc468a">www.hdvest.com</a>. </p><p><b>About <org>Parthenon Capital Partners</org></b></p><p><org>Parthenon Capital Partners</org> is a leading mid-market private equity firm based in <location value="LU/us.ma.boston" idsrc="xmltag.org">Boston</location> and <location value="LU/us.ca.sanfrn" idsrc="xmltag.org">San Francisco</location>. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service 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 business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon's investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.parthenoncapitalpartners.com&esheet=50017924&lan=en-US&anchor=www.parthenoncapitalpartners.com&index=2&md5=661aeed62496e2d929dfe1fbbd34f3c4">www.parthenoncapitalpartners.com</a>. </p><p><b>About <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick Partners LLC</org></b></p><p><org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick Partners LLC</org> is a private equity firm focused on providing buyout and growth capital to companies in the financial services industry. From offices in <location value="LU/us.ca.losang" idsrc="xmltag.org">Los Angeles</location> and <location value="LU/us.pa.phldph" idsrc="xmltag.org">Philadelphia</location>, <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick</org> manages private equity partnerships totaling <money>$800 million</money> on behalf of qualified private and institutional investors. Portfolio companies of <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick</org> operate in various areas of the global financial services industry, including asset management, financial product distribution, outsourced administration services, securities brokerage and investment banking, financial consulting, and commercial and trust banks. For more information about <org value="ACORN:2983022126" idsrc="xmltag.org">Lovell Minnick</org>, please visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.lovellminnick.com&esheet=50017924&lan=en-US&anchor=www.lovellminnick.com&index=3&md5=7e25b7e2e2164568b316d103485c7029">www.lovellminnick.com</a>. </p><p class="bwalignc"></p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20111004006714r1&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p><b><org>Parthenon Capital Partners</org></b><br /><b><person>Molly Fazio</person>,</b><b>617-960-4012</b><br /><a href="mailto:[email protected]"><b>[email protected]</b></a></p><p class="bwnowrap"></p><p>Source: <org>Parthenon Capital Partners</org></p>