Prospect Capital Provides Financing for Lovell Minnick Buy
Prospect Capital announced it has provided $17 million of secured floating rate financing to support the acquisition of Keane by private equity firm Lovell Minnick Partners.
Keane provides unclaimed property services to many of the nation’s largest financial institutions, including transfer agents, mutual funds, banks, brokerages, and insurance companies. Keane’s services include locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting, and other unclaimed property compliance-related services. Keane employs more than 200 people in its New York City headquarters, main operating facility in King of Prussia, PA, and various satellite offices.
“We are pleased to work on our inaugural transaction with Prospect,” said Bob Belke, a managing sirector of Lovell Minnick. “We appreciate Prospect’s creativity, agility, and responsiveness with this transaction, which helps position Keane for continued growth.”
“We are impressed with Keane’s demonstrated success in the unclaimed property recovery business,” said Richard Carratu, a managing director of Prospect Capital Management. “We look forward to expanding our relationship with Lovell Minnick with future investment opportunities.”
Prospect said it closed approximately $2.7 billion of new originations during calendar year 2013. Prospect noted it closed nearly $300 million of originations during the current March 2014 quarter, with further origination activity expected in the coming months.