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Mid Atlantic completes transaction with Parthenon Capital, Waterfall Asset

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Mid Atlantic completes transaction with Parthenon Capital, Waterfall Asset

Waterfall Asset Management LLC and private equity firm Parthenon Capital Partners closed their previously announced transaction with Mid Atlantic Capital Group Inc.

Also investing in the transaction with Parthenon and Waterfall Asset Management was John Moody, who has become the CEO of a newly formed holding company that is focused on acquiring additional, complementary businesses.

Mid Atlantic's current management team, led by executive chairman Charles Warden, CEO Paul Schneider and group CEO Tim Friday, remain significant shareholders in the company and will continue to lead the company's operations.

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.