Rosemont Investment Partners has sold its minority stake in boutique money manager Foundry Partners to the firm's employees.
The sale completes Foundry Partners' goal of becoming a 100% employee-owned firm for the first time, a spokeswoman said in an email. Rosemont's stake was 23%, she said. Terms of the deal were not disclosed.
Foundry Partners was spun out in 2013 from Fifth Third Asset Management by that firm's growth and value equity teams based in Minneapolis and Cleveland, respectively.
Rosemont provided Foundry with equity capital and became the sole minority shareholder at the time. It was the first investment by private equity fund Rosemont Partners III.
"Rosemont got us started," said Timothy P. Ford, Foundry Partners' president and CEO, in a news release Monday. "Their knowledge and support helped us navigate the exit from Fifth Third Asset Management and land on our feet, and we've since proven our ability to successfully manage the business and serve our clients. Rosemont has also provided valuable advice through the years, helping us with acquisitions, product strategy, and a number of other topics."
As of Sept. 30, Foundry Partners had $3.1 billion in assets under management.
