Foreside Financial buys Pa.-based financial compliance business
In the latest of a series of buys, Foreside Financial Group LLC, a Portland-based provider of governance, risk management and compliance services for the financial industry, has acquired Cipperman Compliance Services.
Details of the deal were not disclosed.
Founded in 2004 and headquartered in Wayne, Pa., Cipperman provides chief compliance officer services to alternative fund managers, registered funds, wealth managers, broker-dealers and other financial services companies.
With the acquisition, Foreside adds about 25 attorneys and compliance professionals and over 100 clients, while the CCS team will maintain its Pennsylvania presence, according to a news release.
“This is the culmination of a decade-long commercial relationship and friendship between our firms,” said Foreside President David Whitaker. “We are thrilled to be working together, and this acquisition complements our existing distribution offering and growing outsourced CCO [chief compliance officer] capabilities.”
Todd Cipperman, CCS founding principal, added, “Our relationship with Foreside goes way back, and we’ve been impressed with the incredibly deep bench they have in the compliance advisory business."
In addition to CCS, Foreside has acquired nine firms since 2019, the most recent of which was of New York-based Alaric Compliance Service in December.
Foreside is portfolio company of San Francisco-based private equity firm Genstar Capital, which bought a majority stake from Lovell Minnick Partners, of Radnor, Pa., in 2021. Headquartered at 3 Canal Plaza in downtown Portland, Foreside also has offices in New York; Boston; Columbus, Ohio; Berwyn, Pa.; Concord, N.H.; Milwaukee, Wis.; and Wexford, Pa.
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