The buyout of Bankers Systems Inc., the nation's biggest software compliance company, has been completed.
A partnership of BancBoston Capital Inc. and Marathon Fund Limited Partnership II ended 43 years of family ownership at the St. Cloud, Minn., company.
Terms of the sale were not made public. Marathon Fund Limited Partnership II is managed by Goldner Hawn Johnson & Morrison Inc., Minneapolis. BancBoston Capital is a subsidiary of Bank of Boston.
John P. Weitzel, 56, will remain president of Bankers Systems. The deal required the new owners to retain management and employees.
"All of us at Bankers Systems take pride in the accomplishments of the Clemens family," Mr. Weitzel said. "We will continue that tradition as we break new ground in developing quality products."
Current shareholders and Bankers Systems management will hold a minority interest.