Lovell Minnick seeks buyer for Keane Unclaimed Property

Lovell Minnick Partners has put Keane Unclaimed Property up for sale after more than five years, four sources said.

Clearsight Advisors is running the process, two of the people said. Keane is approaching $10 million Ebitda, one of the four sources said.

Keane, of New York, helps identify and reunite consumers with their lost assets. Services include owner location and retention, compliance, as well as audit assistance and support. Keane caters to customers such as mutual funds, banks, brokerages, insurance firms and corporations. “Basically, [they’re] helping companies meet abandoned property regulations but getting paid handsomely to do it,” said one GP, who expects Keane to sell for double digits Ebitda.

Federal and state laws require corporations to locate owners who are unaware, or may have lost track, of the assets they own. Founded in 1949, Keane began by helping financial institutions locate account owners and reuniting them with their assets. (The name came from the radio show “Mr. Keen, Tracer of Lost Persons” that ran from 1937 to 1955.)

In 2010, Keane Organization merged with Venio LLC. Lovell Minnick acquired Keane four years later, in February 2014. Later that same year, in December, Keane bought Unclaimed Property Recovery & Reporting. The company employed more than 185 people in 2018, a statement said.

Lovell Minnick focuses on middle-market businesses in the Americas and Europe. The buyout shop typically invests between $40 million and $150 million equity in technology and business services companies within financial services.

In September, Lovell’s fifth fund closed on $1.28 billion, surpassing its $1 billion target, Buyouts said. Lovell’s prior fund collected $750 million in 2015.

Executives for Lovell Minnick and Clearsight declined comment. Executives for Keane could not be reached for comment.

Action Item: Read Lovell Minnick’s latest Form ADV here