Waterfall Asset Management LLC and private equity firm Parthenon Capital Partners have entered into a transaction with financial services provider Mid Atlantic Capital Group Inc.
Mid Atlantic Capital will seek to grow through organic initiatives and strategic acquisitions. Also investing in the transaction with Parthenon and Waterfall Asset Management is John Moody, who will become the CEO of a newly formed holding company that is focused on acquiring additional, complementary businesses.
Mid Atlantic Capital's existing management team, led by Executive Chairman Charles Warden, CEO Paul Schneider and Group CEO Tim Friday, will remain significant shareholders in the company and will continue to lead the firm's day-to-day operations.
The transaction will not be consummated until applicable regulatory approvals, including an approval from South Dakota Division of Banking, are obtained.
K&L Gates served as legal counsel, and Raymond James served as financial adviser to Mid Atlantic for the transaction. Kirkland & Ellis served as legal counsel to Parthenon. Kramer Levin served as legal counsel to Waterfall.
