Stone Ridge Partners and an investor group led by Lovell Minnick Partners have bought Duff & Phelps LLC, a financial advisory and middle-market investment banking firm, from Webster Financial Corp., a thrift holding company in Waterbury, Conn.
The transaction creates an independent investment bank, Duff & Phelps said on Monday. The deal's terms were not disclosed.
As part of the transaction, Stone Ridge Partners will be merged into Duff & Phelps, and the investor group led by Lovell Minnick will contribute "significant" growth capital. Institutions investing through Lovell Minnick and its predecessor include Aegon U.S.A. Inc., Axa SA, CDP Capital, GE Financial Assurance, and Nuveen Investments.
Duff & Phelps will maintain a strategic relationship with Webster Financial. "Webster has been a supportive partner of ours over the past several years," Chester Gougis, who will remain the investment bank's president, said in a press release.
