Tag Archives: Wealth Management

Clearlake Capital and Motive Partners Agree to Acquire BETA+ from London Stock Exchange Group

Motive Partners

Clearlake Capital and Motive Partners to acquire BETA,
Maxit, and Digital Investor from LSEG, adding new
capabilities to their wealth ecosystem, and forms a strategic
partnership between BETA+, the Sponsors’ portfolio
companies and LSEG

Santa Monica, New York, London, March 21, 2022 – Clearlake Capital Group, L.P.
(“Clearlake”) and Motive Partners (“Motive” and collectively, the “Sponsors”), today
announced that they have entered into a definitive agreement to acquire the BETA+ assets
from London Stock Exchange Group (“LSEG”), which encompasses the assets of BETA
(securities processing, custody, clearing, and asset servicing technology), Maxit (cost and
tax basis reporting software), and Digital Investor (front-end client solutions), collectively
referred to as “BETA+”. Additionally, Clearlake and Motive Partners have simultaneously
formed a long-term strategic partnership with LSEG, in which LSEG will provide content,
data, and tools to BETA+ and the Sponsors’ other portfolio companies.

The wealth management industry continues to demonstrate opportunities, bolstered by
tailwinds across the spectrum including a significant movement in technology
modernization, industry consolidation, increases in retail trading, and democratization of
the capital markets. Over recent years, the space has exhibited growth across various
avenues, compounded by investment from new and established players. This has presented
opportunities for well-placed investors and innovators to digitize legacy technology,
expand product offerings to address unmet demand, and create efficiencies along the
value chain.

Clearlake and Motive’s thesis in wealth management technology focuses on providing the
Wealth Management industry with frictionless digital experiences, catalyzing the
democratization of wealth solutions, and delivering hyper-personalized solutions to end
clients. By acquiring the BETA+ assets from LSEG and creating a standalone platform,
Clearlake and Motive intend to execute on a buy and build strategy, supported by
Clearlake’s proprietary O.P.S.® framework and Motive’s value creation plan developed by
Motive Create and the Industry Partner team. This will include building critical platform
infrastructure on the back-end of the Wealth workflow, with a plan to utilize proprietary
expertise and know-how to augment the core BETA+ platform technology, enhance
functionality for the existing blue-chip client set, enter new and high-growth markets, and
cultivate partnerships within the combined Wealth ecosystems of the Sponsors. Clearlake
and Motive continue to execute on a similar thesis with their existing portfolio company,
InvestCloud. The Sponsors are also focused on the long-term strategic partnership between
BETA+, the Sponsors’ other portfolio companies and LSEG, to offer new products and
greater operational efficiencies to clients across these various platforms.

The Sponsors were advised by Wells Fargo as exclusive financial advisor, Sidley Austin LLP
as legal counsel, Deloitte as accounting, tax, carveout and human resources counsel, BCG
as commercial advisor, and Motive Create for technical due diligence. Gibson, Dunn &
Crutcher LLP also acted as legal counsel for Motive Partners. The deal is expected to close
in the second half of 2022, subject to regulatory approvals and other customary closing
conditions.

About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated
businesses across private equity, credit and other related strategies. With a sector-focused
approach, the firm seeks to partner with management teams by providing patient, longterm
capital to businesses that can benefit from Clearlake’s operational improvement
approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer.
Clearlake currently has over $60 billion of assets under management, and its senior
investment principals have led or co-led over 300 investments. The firm is headquartered in
Santa Monica, CA with affiliates in Dallas, TX and London, UK.
More information is available at www.clearlake.com and on Twitter @Clearlake.
“BETA+ has established a strong position in the self-clearing technology space and
broader wealth management ecosystem with a reputation for meeting the unique
needs of global financial institutions and their clients,” said Behdad Eghbali, Co-
Founder and Managing Partner, and James Pade, Partner of Clearlake. “We
look forward to partnering with Motive Partners, the BETA+ team, and LSEG as the
company continues to provide best-in-class solutions to its blue-chip customer
base.”

“BETA+, together with our other portfolio companies, will be focused on creating
frictionless, digital-first experiences for clients, advisors, and home office personnel
with streamlined processes, reduced costs, and increased retention and
satisfaction, ultimately making it easier for Wealth clients to obtain solutions which
address their financial needs. We’re looking forward to partnering with Clearlake
once again to continue our transformation of the wealth management sector at a
critical time for the industry,“ said Stephen C. Daffron, Co-Founder and Industry
Partner of Motive Partners.

About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London,
focusing on control-oriented growth equity and buyout investments in software and
information services companies based in North America and Europe and serving five
primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment
Management and Insurance. Motive Partners brings differentiated expertise, connectivity
and capabilities to create long-term value in financial technology companies.
More information on Motive Partners can be found at www.motivepartners.com

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Rhetores opens its capital to Activa Capital and Partners with Cap Fidelis

Activa Capital

Activa Capital announces an investment in the wealth management firm Rhétorès Finance. On the occasion of this transaction, Activa Capital enables the simultaneous acquisition of the wealth management firm Cap Fidelis. The founders of Rhétorès Finance, Stéphane Rudzinski and Grégory Soudjoukdjian, remain majority shareholders. Activa Capital becomes the first financial minority shareholder of the firm and Thierry Rocq, founder of Cap Fidelis, reinvests with his family in the newly established group. This operation enables all employees to become shareholders with the implementation of the capital gains redistribution contract established by the PACTE law.

Founded in 2011 in Paris by Stéphane Rudzinski and Grégory Soudjoukdjian, Rhétorès Finance is a fast-growing financial advisory (FA) business. The company has grown by focusing its strategy on high level wealth engineering services, a diversified product offering including private equity, and continuous investments in the regulatory structuring of the company.
Founded in 1992 in Lille by Thierry Rocq, Cap Fidelis is a leading player in wealth management in northern France. The company, managed by Thierry Rocq and his daughter Camille Rocq, has grown organically since its foundation mainly with business leaders and families.
The newly created group aims to pursue its strong growth and capitalize on its recent geographic expansion. It has also planned to accelerate technological investments in the service of customers, suppliers, and internal operations. With the support of Activa Capital, Rhétorès also has the ambition to complete new acquisitions in a FA market which is currently going through a consolidation phase.
Stéphane Rudzinski and Grégory Soudjoukdjian, respectively Chairman and General Manager of Rhétorès Finance, have declared: « We are delighted to welcome Activa Capital, which shares our growth ambition for Rhétorès and made possible our new strategic relationship with Cap Fidelis and our partnership with the Rocq family. This step is key to our development. »
Thierry Rocq: « We are very pleased to become a part of Stéphane and Grégory’s project. This is the new step we wanted to accelerate the development of Cap Fidelis while keeping our family-run business identity. »

Christophe Parier and Alexandre Masson, Managing Partners of Activa Capital, add: « Over the past few years, we have been looking with interest at the financial advisory market, particularly the consolidation phase that is underway. This operation is at the heart of our know-how: a primary buyout alongside the founders and the use of our expertise to carry out a first external growth operation. Today we are proud to establish a double partnership relationship with Stéphane and Grégory who lead the project and the Rocq family who reinvests at our side. ».
* * *
Participants
Rhétorès Finance : Stéphane Rudzinski, Grégory Soudjoukdjian
Cap Fidelis : Thierry Rocq, Véronique Rocq, Camille Rocq
Activa Capital : Christophe Parier, Alexandre Masson, Frédéric Singer, Camille Emin
Apera Capital : Franklin Henrot, Salim Lemseffer, Maxime Communier

Advisors
M&A: New Co CF (Jean-Louis Duverney, Alexandre Gebelin, Jeeshan Mohamad, Thibauld Hamaide)
Financial Due Diligence: Eight Advisory (Emmanuel Riou, Arthur Lantier)
Strategic Due Diligence: CMI Stratégies (Simon Colboc)
Legal Corporate Advisory: Moncey Avocats (Guillaume Giuliani, Alexandre Bankowski, Alix Auclair), Degroux Brugère (Augustin Fleytoux, Justine Ricaud), Walter Garance (Isabelle Avril)
Legal Financing Advisory: Moncey Avocats (David Malamed, Jonathan Devillard), De Pardieu (Sébastien Boullier de Branche)

Media Contacts
Activa Capital :
Alexandre Masson Christophe Parier
Managing Partner Managing Partner
+33 1 43 12 50 12 +33 1 43 12 50 12
alexandre.masson@activacapital.com christophe.parier@activacapital.com

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Apollo Accelerates Global Wealth Build with Acquisition of Griffin

Apollo Global
Strategic Acquisition to Add US Wealth Distribution Team and Individual Investor-Focused Real Estate and Credit Products with Over $5 Billion of AUM

NEW YORK, Dec. 02, 2021 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into a definitive agreement to acquire the US wealth distribution and asset management businesses of Griffin Capital (“Griffin”). The acquisition is a significant step in building Apollo’s Global Wealth Management Solutions business, which is focused on the development and distribution of alternatives to individual investors and their wealth advisors.

Established in 1995, Griffin has a long and successful track record of providing alternative investment solutions to advisors across the US. Griffin’s approximately 60 client-facing distribution professionals work across the wealth management landscape and are particularly well-established in the independent channel, a complement to Apollo’s focus to-date on private banks, wirehouses, RIAs and family offices. Apollo intends to integrate the team into its Global Wealth business, rapidly scaling the strategic initiative. The acquisition also adds valuable technology, infrastructure and hundreds of distribution agreements to the Global Wealth platform.

In addition, Apollo will acquire Griffin’s asset management business, which includes a strong investment team and over $5 billion of AUM in individual investor-focused products. Griffin, a pioneer in bringing alternatives to individual investors, was one of the earliest firms to launch the interval fund structure.

Apollo CEO Marc Rowan said, “The democratization of finance brings tremendous opportunity for individual investors to access alternatives. With the acquisition of Griffin, we will significantly advance our US wealth market growth plans that we presented at our recent Investor Day. As one of the first firms to bring alternative strategies to the individual investor and advisor market in the US, Griffin has built trusted relationships over 20-plus years, and in combination with Apollo can offer the market a broader set of solutions.”

“The world of alternative investments is vast and competitive, and partnering with a world-class asset manager like Apollo is a logical step in the growth and evolution of Griffin,” commented Kevin Shields, Chairman and CEO of Griffin Capital. “Apollo is committed to building its Global Wealth business, and they have the resources to foster growth of our existing interval fund business and bring creative, new alternative solutions to individual investors. I could not be more thrilled that Apollo recognizes the talent of the Griffin team, across distribution, asset management and supporting functions,” continued Shields.

Stephanie Drescher, Chief Client and Product Development Officer of Apollo, said, “This transaction turbocharges our efforts in the US wealth market by integrating a team that has been singularly focused on serving individuals and advisors through alternative investment strategies. Griffin has strong, longstanding relationships in the US advisor market, and we are excited to welcome them to Apollo. This transaction reflects our strong commitment to sharing the success of Apollo’s platform with an increasingly broad base of individuals and their advisors.”

“We have diligently built Griffin’s business over many years and now take a significant step forward in joining Apollo. As investors, we will integrate with one of the world’s leading alternative platforms, and my distribution colleagues will have a larger and growing set of strategies to help solve their clients’ needs,” said Randy Anderson, Ph.D. and CEO of Griffin Capital Asset Management, who will join Apollo’s Real Estate team as part of the acquisition.

The transaction is Apollo’s largest investment in Global Wealth to-date and follows significant new hires at the firm, including Howard Nifoussi joining as US Head of Global Wealth, focused on private bank and wirehouse channels, and Jason Singer joining as Global Head of Product Development and Innovation. Most recently, Apollo hired Edward Moon who will join the firm as Head of Asia Pacific for Global Wealth in Hong Kong. The firm has been building its pipeline of alternative solutions for individual investors. Last month, Apollo launched the Apollo Debt Solutions BDC with a global bank platform and expects to continue the launch with multiple banks and independent channel partners into next year.

Transaction Details

Financial terms of the transaction were not disclosed. Consideration for the acquisition will be all stock. The transaction is expected to be approximately breakeven to Apollo’s after-tax distributable earnings per share of Class A common stock in 2022 and a meaningful driver of earnings and growth from Apollo’s Global Wealth Management Solutions business in the years ahead.

The transaction is subject to customary closing conditions, including approval by stockholders of the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund, and also to the closing of the previously announced merger of Apollo with Athene Holding Ltd. The Griffin transaction is expected to be completed by the first half of 2022.

The acquisition of Griffin, in conjunction with the merger with Athene, represents a continuation of the evolution of Apollo toward a global, fully integrated alternatives firm serving both institutional and retail clients across both asset management and retirement services.

Baker McKenzie is serving as legal counsel and Berkshire Global Advisors as exclusive financial advisor to Griffin in the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and BofA Securities and Morgan Stanley & Co. LLC as financial advisors to Apollo.

An investor presentation on the transaction will be available in the Stockholders section of Apollo’s website at www.apollo.com/stockholders.

About Apollo

Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and equity. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

About Griffin Capital

Griffin Capital Company, LLC (“Griffin Capital”) is a privately held alternative investment asset manager headquartered in Los Angeles, California. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing over $20 billion in assets. The company’s senior executives and employees have co-invested over $300 million in its various investment verticals, aligning Griffin’s interest with those of its more than 200,000 investors.

The company leverages the breadth and depth of its cycle-tested investment management teams to capitalize on long term economic trends and secular growth opportunities in real estate and global corporate credit through interval funds and direct investment strategies. Investors can access these investment solutions exclusively through independent and insurance broker-dealers, national wirehouses and registered investment advisors. Additional information is available at: www.griffincapital.com.

Apollo Safe Harbor for Forward-Looking Statements

This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the SEC on February 19, 2021 and quarterly report on Form 10-Q filed with the SEC on May 10, 2021, as such factors may be updated from time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Important Disclosures

This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expenses of Griffin Institutional Access Real Estate Fund and Griffin Institutional Access® Credit Fund (the “Funds”). This and other important information about the Funds are contained in the prospectuses, each of which can be obtained by visiting www.griffincapital.com. Please read the prospectus carefully before investing.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. Information contained herein has been obtained from sources deemed to be reliable, but not guaranteed. Griffin Capital and its affiliates do not provide tax, legal or accounting advice. This material is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. This material represents views as of the date of this publication and is subject to change without notice of any kind.

Apollo Contact Information

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

Griffin Capital Contact Information

Diana Keary
Senior Vice President of Marketing
(949) 270-9303
dkeary@griffincapital.com


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Source: Apollo Global Management, Inc.

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IK Investment Partners and ICG to partner with Formuesforvaltning

ik-investment-partners

IK Investment Partners (“IK”) and Intermediate Capital Group (“ICG”) are pleased to announce that they have reached an agreement for the IK Partnership Fund and funds managed by ICG to partner with Formuesforvaltning (“Formue” or “the Company”), a leading Nordic wealth manager serving high-net-worth individuals (HNWIs) across Norway and Sweden.

Established in 2000 and headquartered in Oslo, Norway, Formue is a leading Nordic independent wealth manager serving private individuals, institutions and organisations in Norway and Sweden with NOK 100 billion under management (pr. 31.12.2020).  From its 21 offices across Norway, Sweden and the UK, Formue’s 300 employees provide a comprehensive range of services, including wealth planning, portfolio management, business management, family office support and legal services. The Company distinguishes itself from its peers by possessing a strong ancillary offering which includes the provision of financial life advice through a cohesive, omni-channel customer engagement model.

Through the provision of a bespoke service to each of its HNW clients and significant investment in digital solutions, the Company has developed a reputation for excellence. Formue has also developed its international expansion strategy and is currently present in both Sweden and the UK.

IK and ICG will be acquiring their stakes from several private investors and will invest alongside founder Ole Jacob Sunde and the management team.

Completion of the transaction is subject to legal and regulatory approval.

Øystein Bø, CEO of Formue, said: “We are delighted to be partnering with both IK and ICG as we embark on the next stage of our strategic development. In particular, we are privileged to have on board two investors with such solid track records of internationalising high-potential European businesses and furthering companies’ digital footprints. With the backing of these partners, we are tremendously excited to see what the years ahead hold.”

Magdalena Svensson, Partner at IK and advisor to the Partnership Fund, said: “Formue is a leading wealth management operator in the Nordics and has established itself as one of the brands of choice for HNWIs in Norway and Sweden. The Company’s top-quality leadership has excelled in developing its client base and increasing the organisation’s AUM due to a diversified services and products offering as well as digital readiness. With the support of IK and ICG, we are confident that together we can take the Company to new heights.”

Peter Berglund of ICG said: “We are very pleased that Formue has chosen to partner with IK and ICG at this exciting time for the wealth management industry. Since its inception, Formue has gone from strength to strength, expanding into new markets and enhancing its client offering through the addition of new services and by investing in digital infrastructure. With our experience of supporting strong management teams and founders, we are very optimistic for the future success of Formue.”

Formue and its shareholders were advised by Houlihan Lokey in connection with the transaction.

For further questions, please contact:

IK Investment Partners

Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

ICG

Fiona Laffan
Phone: +44 (0) 7590 524 289
fiona.laffan@icgam.com

Formuesforvaltning

Ingun Stray Schmidt
Phone: + 47 95929333
Ingun.stray.schmidt@formue.no

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Formuesforvaltning

Formue is the leading independent wealth management firm in the Nordic area. We have a local presence across Norway and Sweden with offices in all major cities and an investment office in London. We offer our clients financial life management – a comprehensive wealth management journey for families and endowments. For more information visit: www.formue.com

About ICG

ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years’ history, managing €47.2 billion of assets in private debt, credit and equity, principally in closed-end funds.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We operate across four strategic asset classes: corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we innovate and pioneer new strategies where the market opportunity exists.

ICG is listed on the London Stock Exchange (LSE:ICP). Further details are available at: www.icgam.com.

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AnaCap signs third acquisition in the UK wealth management platform space with Novia Financial

Anacap

AnaCap Financial Partners (“AnaCap”), a leading financial services specialist mid-market private equity investor, today announces it has signed a deal for a third acquisition in the UK wealth management platform space with the purchase of Novia Financial (“Novia”).

Novia is the UK’s third largest independent investment and wrap platform by asset under management (“AuM”), having been established in 2008. It records an AuM figure of £8.15 billion and serves a client base of ~67,000 through more than 1,000 IFA firms. Novia operates one of the best technology offerings in the industry, spearheaded by its modern, adaptable and proprietary front-end.

Novia’s acquisition marks the third investment from AnaCap in the UK wealth management platform space and this news comes after AnaCap successfully signed Amber Financial Investments in July 2020 and Wealthtime in December 2019.

Across the three investments, AnaCap have now acquired almost £11 billion AuM and will continue to deploy its expertise in tech-enabled businesses and operational engagement to bolster the businesses organic expansion as well as continuing to identify attractive bolt-on acquisition opportunities.

AnaCap have signed 5 private equity deals in 2020 alone with a combined enterprise value greater than €500 million.

Nassim Cherchali, Partner for M&A at AnaCap, commented: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”

Bill Vasilieff, Chief Executive Officer at Novia, commented: “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies. We believe that AnaCap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”

The investment will be made from AnaCap Financial Partners III, L.P and its completion is subject to regulatory approval. Financial details and terms of the transaction were not disclosed.

Dec 15 2020

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Onex Agrees to Acquire Gluskin Sheff

Onex

Together they will provide investors with a comprehensive investment offering across both private and public markets

– Toronto, March 22, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and Gluskin Sheff + Associates Inc. (“Gluskin Sheff”) (TSX: GS) today announced they have entered into a definitive agreement under which Onex will acquire 100% of Gluskin Sheff for C$14.25 per share. The purchase price represents a 28% premium to Gluskin Sheff’s closing share price on March 22, 2019, and a 37% premium to the 60-day volume weighted average price (VWAP). The total cash consideration for 100% of Gluskin Sheff’s equity is approximately C$445 million.

This combination will bring together two of Canada’s most entrepreneurial and successfulinvestment firms and broaden the product suite available to Gluskin Sheff’s clients. Gluskin Sheffwill continue to be led by its existing leadership team and operate under its brand.

Gerry Schwartz, Chairman and Chief Executive Officer of Onex, said, “Gluskin Sheff is one of the largest and most respected independent wealth management firms in Canada, serving high networth families and institutional investors, with a strong long-term track-record of risk-adjusted investment returns and outstanding client service. By combining Gluskin Sheff’s public securities investing platforms with Onex’ private equity and private debt platforms the clients of both firms will have greater investment options.”

Jeff Moody, President and Chief Executive Officer of Gluskin Sheff, stated, “Onex is the ideal partner for us and our clients. We have a strong cultural fit and a like-minded approach to investing and risk management, which includes financial alignment between our teams and our investors. This partnership will provide us with the resources to better serve all of our clients and expand our product offerings with alternative investment strategies.”

Nancy Lockhart, Chair of the Gluskin Sheff Board, added, “We are delighted Onex has recognized our highly valued client base, team and reputation in the market and believe the all-cash offer represents an attractive opportunity for our shareholders.”The transaction is to be effected by way of a court-approved plan of arrangement and is expected to close in the first half of 2019, subject to receipt of Gluskin Sheff shareholder and courtapprovals, required regulatory approvals and customary closing conditions.

Recommendation of the Board

The Gluskin Sheff Board of Directors, after consultation with its financial and legal advisors, has unanimouslyapproved the transaction and determined that it is in the best interests of Gluskin Sheff, and unanimously recommends that Gluskin Sheff shareholders vote in favour of the transaction. Blair Franklin Capital Partners Inc. (unrelated to the Funds managed by Gluskin Sheff), acting as financial advisor to the Gluskin Sheff Board, has provided the Gluskin SheffBoard with its opinion (as it relates to those not rolling-over their shares as described below) that the consideration under the transaction is fair, from a financial point of view, to such Gluskin Sheffshareholders. Each of the directors and executive officers of Gluskin Sheff have entered into voting support agreements pursuant to which each has committed to vote in favour of the transaction.

Additional Transaction Details

Certain members of senior management of Gluskin Sheff have agreed to roll-over a significant portion of their Gluskin Sheff shares into Onex subordinate voting shares. The number of Gluskin Sheff shares expected to roll-over is approximately 7% of the Gluskin Sheff shares outstanding.

A special meeting of Gluskin Sheff shareholders to consider the proposed transaction is expected to be held on or before May 16, 2019. The transaction requires the approval of at least 66⅔% of the votes cast in person or by proxy at the meeting as well as the approval of a “majority of the minority” of votes cast by shareholders other than the individuals rolling-over their shares. Until closing, Gluskin Sheff is entitled to pay its regular quarterly cash dividend consistent with its dividend policy and past practice in an amount not exceeding C$0.25 per share.

The definitive transaction agreement is subject to customary non-solicitation provisions, including Gluskin Sheff’s right to consider and accept superior proposals, subject to a right to match in favour of Onex. A termination fee of C$13.3 million will be payable by Gluskin Sheff to Onexshould the transaction not close in certain circumstances, including if the transaction is not completed as a result of a superior proposal.Further information regarding the transaction will be included in Gluskin Sheff’s management information circular, which will be mailed to Gluskin Sheff shareholders in due course. Copies of the transaction agreement and the management information circular will be available on the SEDAR website at www.sedar.com.

About Onex

Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has $31 billion of assets under management, including $6.4 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms.

Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Gluskin Sheff

Gluskin Sheff is one of Canada’s pre-eminent wealth management firms. Founded in 1984 and serving high net worth private clients and institutional investors, the company is dedicated to meeting clients’ needs by delivering strong risk-adjusted returns together with the highest level of personalized client service. The company’s common shares are listed on the Toronto Stock Exchange under the symbol GS.

For more information about the company, please visit www.gluskinsheff.com.

Forward-Looking Statements

This news release contains forward-looking statements about the proposed acquisition by Onex of Gluskin Sheff. Specific forward-looking statements include statements with respect to certain strategic benefits; the timing of the Gluskin Sheff shareholder meeting and publication of related materials; and the expected completion date of the proposed transaction. There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized. The proposed transaction is subject to shareholder and court approvals and the fulfillment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on Onex and Gluskin Sheff management’s current expectations as of the date of this news release. Onex and Gluskin Sheff disclaim any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

For further information:OnexEmilie BlouinDirector, Investor RelationsTel: +1 416.362.7711Gluskin SheffDavid R. MorrisChief Financial Officer and SecretaryTel: +1 416.681.6036

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Ardian arranges a Unitranche financing to support the acquisition of Cyrus Group by its management and employees

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Ardian

Paris, 28 March 2018 – Ardian, a world-leading private investment house, announced today that it has provided a Unitranche financing to support the management of Cyrus Group, led by Meyer Azogui, and its employees in their acquisition of the Group’s entire capital.

The Unitranche financing arranged by Ardian will give Cyrus’ management and employees the financial resources to acquire the minority stake held in the Group by BlackFin Capital Partners, a firm which supported Cyrus in 2012 to accelerate its growth strategy. The transaction increases the stake of Cyrus’ managers and employees, making them the sole shareholders. Beyond the reorganization of the shareholding, the financing also includes an additional committed debt facility to further support the Group’s acquisition strategy.

Founded in 1989, Cyrus is one of the leading independent wealth management advisory firms in France, with €3.4 billion in assets under management. Cyrus specialises in wealth strategy and investment consulting, with its key expertise lying in private wealth management. Since 2010, the Group operates an asset management business (Invest AM) and a property consulting business (Eternam), which have helped upscale assets under management. Cyrus has a workforce of 175, including 60 financial advisors, with 13 offices in France and one in Israel.

Since its inception, the Group has been majority-owned by its employees, due to its management’s desire to share value creation amongst employees.
Guillaume Chinardet, Head of Private Debt France at Ardian, said: “We were impressed by Cyrus Group’s track record and the reputation and professionalism of its teams. With a view to a long-term partnership, we are pleased to be able to support Meyer Azogui and the company’s management in its ambitious growth strategy.”

Meyer Azogui, CEO of Cyrus Group, added: “As a major player in wealth management, we want to continue to grow without losing the values which characterise us and which are part of our culture. We support human accomplishment before managing the fruits of this success. With Ardian, we will be able to accelerate our growth while respecting this human dimension.”

ABOUT CYRUS GROUP

Founded in 1989, Cyrus Group is one of the leading independent wealth management advisory firms in France, with €3.4 billion financial assets under management. Structured around 3 complementary business lines (portfolio management, real estate and asset management) across 14 sites, Cyrus Group offers its high-end customer base of entrepreneurs, executives and wealthy families with wealth management consulting services and financial and real estate investment solutions to suit their needs. The company has a workforce of 175, including 60 asset consultants.
www.cyrusconseil.fr
Follow Cyrus on Twitter @CyrusConseil
Facebook and LinkedIn

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from thirteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of c.700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

www.ardian.com

 

LIST OF PARTIES INVOLVED

Ardian Private Debt: Guillaume Chinardet, Gregory Pernot, Gabrielle Philip.
Financing legal advisers (Ardian): Willkie Farr & Gallagher – Paul Lombard, Ralph Unger.
Financial advisers (Cyrus): Cambon Partners – David Salabi, Guillaume Eymar, Vincent Ruffat.
Legal advisers (Cyrus): Jeausserand Audouard – Jérémie Jeausserand, Erwan Bordet, Eléonore Gaulier, Pascal Gour.

PRESS CONTACTS

ARDIAN

Headland
TOM JAMES

tjames@headlandconsultancy.com
Tel: +44 207 3675 240

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