Alps Financial Services Inc., the Denver parent of Alps Mutual Fund Services Inc. and a provider of outsourced back-office administration and distribution services, said Tuesday that it has a definitive agreement to be recapitalized.
Lovell Minnick Partners, a private equity firm with offices in New York and Los Angeles that specializes in the global financial services industry, is to acquire a controlling interest in Alps through the recapitalization. Financial terms of the deal, which is expected to close in September, were not disclosed.
Alps, with $10 billion of assets under administration, was opened in 1985 to supply administration, distribution, accounting, and transfer agency services for open-end and closed-end mutual funds, as well as active distribution of exchange-traded funds and closed-end funds.
