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Abry Partners to buy stake in Millennium Trust

Boston-based private equity firm ABRY Partners LLC agreed to invest a "significant" amount in Millennium Trust Co.

Midmarket private equity firm Parthenon Capital Partners, also known as PCP Managers LP, will sell a controlling stake in the company but keep a minority stake and stay actively involved on Millennium Trust's board. The deal is subject to regulatory approvals and other closing conditions.

Oak Brook, Ill.-based Millennium Trust provides technology-based retirement services and institutional custody solutions for businesses, institutions, advisers and individuals. It aims to use the Abry capital to bolster its market position and invest in additional products and technologies.

Raymond James & Associates and William Blair & Co. were financial advisers to Millennium Trust and Parthenon. Kirkland & Ellis LLP was the legal adviser for Abry, Millennium Trust and Parthenon.