Fiera Capital to Acquire Majority Interest in Palmer Capital

INVESTMENT MANAGEMENT DEALS BLOG

January 11, 2019

On December 21, 2018, Fiera Capital Corporation announced that it had entered into an agreement to acquire a majority interest in Palmer Capital Partners Limited.

Under the terms of the agreement, Fiera Capital Corporation (“Fiera Capital”) will acquire an 80% interest in Palmer Capital Partners Limited (“Palmer Capital”) through Fiera’s wholly owned subsidiary and real estate investment management company, Fiera Properties Limited (“Fiera Properties”). Palmer Capital management shareholders will retain the remaining 20% interest. Palmer Capital will become the UK arm of Fiera Properties, but will remain independently managed. It will continue to be led by its founder, Ray Palmer, as Executive Chairman and Alex Price, as Chief Executive Officer. Fiera will finance part of the acquisition, which has an equity value of £40 million and an enterprise value of £30 million, through issuance of £10 million in Class A Subordinate Voting Shares of Fiera Capital. The transaction is expected to close in the first quarter of 2019 and is subject to regulatory approvals. Further terms of the deal have not been disclosed.

Palmer Capital is a London-based real estate investment manager that has over £800 million in assets under management, and an additional £215.5 million in assets managed through various joint ventures as of September 30, 2018.

Fiera Capital (TSX: FSZ) is a Montreal-based asset management firm with over CAD$143 billion in assets under management as of September 30, 2018. Its subsidiary, Fiera Properties, provides real estate investment opportunities to institutional investors, foundation and endowment clients, and high net worth individuals. Fiera Properties manages approximately CAD$3 billion in commercial real estate in Canada.

To read the press release: please click here.