Steve Pierson and Robert Belke were promoted to managing partners of middle-market private equity firm Lovell Minnick Partners and are taking over the day-to-day operations of the firm, said Jeffrey Lovell, co-founder and co-chairman.
Mr. Pierson was president and Mr. Belke was a partner. Mr. Lovell, James Minnick, co-founder and co-chairman, and Mr. Pierson had been overseeing the firm's day-to-day operations before the change.
"Jim and I as the founders do not have near term or immediate plans to step aside. We plan to remain engaged and active for some time," Mr. Lovell said.
Stepping away from Lovell Minnick Partners' day-to-day operations will give the founders more time to work closely with portfolio companies as well as focus on the strategic plans for the firm for the future, he said.
As part of the changes, Mr. Pierson will be chairman of the newly created management committee, which will include Mr. Belke and partners John Cochran and Spencer Hoffman.
As part of the changes, Brad Armstrong, Jason Barg and Trevor Rick were promoted to partner from principals.
The promotions also expand the ownership of the firm, which now includes Lovell Minnick's two founders and the seven partners.