CLEVELAND, OH, March 31, 2017 – Hartland & Co., LLC (“Hartland”), a Cleveland-based institutional and wealth advisory firm, is pleased to announce that Rosemont Investment Partners, LLC (“Rosemont”) will assume a minority stake as part of a management-led recapitalization. The transaction helps fulfill Hartland’s long-term strategy of transferring ownership from founding to employee owners. Twenty-eight current and new Hartland employee shareholders will invest with Rosemont, increasing employee ownership to a significant majority of the firm.
Rosemont is a boutique investment firm that specializes in taking minority stakes in asset and wealth management firms in collaboration with management. The Rosemont transaction helps Hartland ensure continuity for its clients and employees by keeping the firm majority employee-owned. No material changes are expected as the firm continues its record of profitable growth.
“Rosemont is a strong and unique partner; they will help us broaden employee ownership and we will benefit in multiple ways from their industry expertise and network,” according to Dave Fulton, Chairman and CEO of Hartland.
“Hartland is a superior comprehensive wealth management and institutional advisor. The quality and depth of their personnel is impressive. We have watched with interest as they have built their institutional and private wealth businesses and look forward to helping support their mission,” said Chas Burkhart, founder of the Pennsylvania-based specialist private equity firm.
Silver Lane Advisors LLC, a New York-based investment banking firm, advised Hartland in this transaction.
About Hartland & Co., LLC
Hartland was founded in 1989 and today advises almost $18 billion for over 150 institutions and 500 families and individuals. The firm has 72 employees and headquarters in Cleveland, Ohio, with offices in Portland, Maine, and New York, New York.
About Rosemont Investment Partners, LLC
Rosemont is a specialist private equity firm focused exclusively on making investments in asset and wealth managers. Rosemont typically takes minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to providing capital, Rosemont leverages 30 years of advising and investing in asset management businesses.