Private equity firm Parthenon Capital Partners acquired a controlling interest in global securities lending agent eSecLending from another private equity firm, TA Associates, said Allyson Lewis, spokeswoman for eSecLending.
Terms weren't disclosed.
The deal closed Aug. 9. eSecLending management continues to own a stake in the firm; Ms. Lewis would not say how much of the firm Parthenon and eSecLending management now own.
Craig Starble was named CEO at eSecLending and will be a co-investor in the firm. Mr. Starble was CEO and co-founder of Premier Global Securities Lending. He was executive vice president and head of securities finance at State Street Corp. until 2009. State Street had sued Mr. Starble and Premier Global for what it called an “employee raid” of the bank's securities-lending business and violating confidentiality agreements in the establishment of the new company.
Premier Global closed in 2011.
Chris Jaynes, who was co-CEO of eSecLending, will remain with the company as president, a new position, responsible for client management, strategy and business development.
Co-CEO Karen O'Connor had previously announced plans to retire from the company and left the firm when the deal closed.