BC Investment Partners to Acquire McCormack Advisors International.CLEVELAND -- BC Investment Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (BC) announced it has signed a definitive agreement to acquire the wealth management firm McCormack Advisors International LLC (MAI MAI Mail (File Name Extension) MAI Multilateral Agreement on Investment MAI Maius (Latin: May) MAI Ministerul Administratiei si Internelor (Romanian) ) from the Mark H. McCormack Trusts and Arthur J. Lafave, Jr. The transaction is expected to close by the end of January. Terms were not disclosed. BC is a privately owned wealth management services provider serving high net worth individuals and families on a fee-only basis. At one time, MAI was affiliated with IMG IMG International medical graduate, see there Worldwide, Inc., founded by the late Mark H. McCormack. This affiliation terminated when the McCormack Trusts and the Lafave family sold IMG Worldwide, Inc. to an affiliate of Forstmann Little & Co. in November, 2004. MAI provides financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , investment advisory, tax and family office services to professional athletes, celebrities and high net worth individuals and families. "BC Investment Partners and McCormack Advisors International provide complementary, highly personalized services to high net worth individuals and families," said Richard J. Buoncore, BC Investment Partners managing partner. "We are delighted to be able to combine these two fine companies." Michael J. Horvitz, a co-trustee of the Mark McCormack Mark Hume McCormack, (November 6, 1930 – May 16, 2003), was Founder and Chairman of International Management Group, now IMG, an international management organization that handles the commercial affairs for sports figures and celebrities. Trusts, said, "Since Mark McCormack's death, we have spoken to a number of possible buyers for MAI in order to find the right fit for the company. We are delighted to have found BC Investment Partners. We believe that BC's culture is very compatible with MAI's, and we are quite pleased that MAI will be in such capable hands." "As one of the beneficial owners Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of MAI, and as an MAI client, I am pleased with the arrangements made with BC Investment Partners, and I look forward to the combination of these two firms," said Jay Lafave. Both BC and MAI are headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. and will remain there following the merger. "We believe that Northeast Ohio continues to be a great location from which to grow a business," said Buoncore. "We anticipate adding professionals to meet the needs of a diverse client base." Western Reserve Partners of Cleveland, Ohio, advised BC on the transaction. |
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