LMP Supports Definiti’s Next Chapter of Growth with New Majority Investment

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PHILADELPHIA – February 2, 2023 – Lovell Minnick Partners (“LMP”), a private equity firm with a 20+ year track record of partnering with growth-oriented companies, today announced the signing of a definitive agreement to acquire a majority stake in Definiti LLC to support its next chapter of growth. Definiti is a national retirement services firm that supports more than 8,000 workplace organizations and 10,000 retirement plans across the US. This investment will enable Definiti to accelerate investments in client service, technology, innovation, and talent. LMP supports Definiti’s plans to advance its client offerings and organic growth initiatives while continuing its highly successful acquisition strategy. Terms of the deal were not disclosed.

Founded in 2015, Definiti is a third-party administrator (“TPA”) that provides workplace organizations with retirement plan administration, recordkeeping and compliance services, as well as actuarial consulting and pension outsourcing. Definiti works with financial advisors, recordkeepers and other partners to help workplace organizations deliver innovative retirement solutions to their employees. The hundreds of retirement plan consultants, in-house actuarial consultants, ERISA attorneys and document specialists at Definiti help organizations manage their retirement plans and ensure they comply with regulatory and legislative requirements.

“LMP’s experience, network, history with accelerating M&A strategies and emphasis on client and high-touch services make them an ideal partner to support Definiti’s growth,” said Tom Gaillard, CEO of Definiti. “With LMP as our new partner, our clients and partners should remain assured that we will continue to invest in innovative solutions and client service. We’re confident that LMP understands our business and ecosystem and we look forward to advancing our initiatives alongside them in the years to come.”

“Definiti has established itself as a market leader in the retirement services space, consistently demonstrating its ability to expand and enhance its platform’s offerings to meet clients' needs,” said Jason Barg, Partner at LMP. “We believe our extensive experience in partnering with high growth, service-driven companies, along with attractive regulatory tailwinds, positions Definiti well as we look to capitalize on a highly fragmented retirement services market.”

“Our investment in Definiti is a testament to its strong reputation and ability to differentiate itself as a market leader,” said Steve Pierson, Managing Partner at LMP. "We look forward to partnering with Tom and the management team to extend Definiti’s reach, enhance its service capabilities, and aggressively pursue strategic acquisitions to complement its organic growth trajectory.”

The transaction is expected to close in the first quarter of 2023, subject to customary regulatory reviews and approvals. Waller Helms Advisors served as financial advisor to LMP, and Raymond James served as financial advisor to Definiti. Goodwin Procter served as legal advisor to LMP, and Nutter, McClennen & Fish LLP served as legal advisor to Definiti.

About Definiti

From 401(k) plan design and administration, compliance and actuarial consulting, to pension outsourcing and recordkeeping, Definiti helps organizations deliver smart retirement solutions to their employees. With hundreds of experts across the country, including in-house actuarial consultants, ERISA attorneys, document specialists and retirement plan consultants, Definiti helps clients redefine what’s possible with workplace retirement plans.

To learn more about Definiti, click here.