Newport Investment Counsel Inc. says the firm will become one of the group of businesses in which the Newport Partners Income Fund indirectly holds an interest, through Newport Private Yield LP, on completion of the fund’s initial public offering.

The fund announced its proposed offering on June 30.

Newport Investment is the manager and trustee of the Newport Funds and a wholly owned subsidiary of Newport Partners Inc.

Newport Partners Income Fund will concurrently and in conjunction with the fund’s IPO indirectly acquire Newport Investment and the other operating businesses of Newport Partners.

Following the closing of the offering the principals of Newport Investment, who are also principals of Newport Partners and Newport Private Yield LP, will have an ownership interest in the fund and will continue to operate Newport Investment separately and manage the Newport Funds.

Newport partners with successful entrepreneurs who have a proven track record and operate businesses with a history of profitability and consistent cash flows. Newport’s business strategy is to acquire an ownership interest in the entrepreneur’s business with the entrepreneur typically retaining a significant equity interest and maintaining operating responsibility.