Impax Asset Management to Purchase Pax World

September 22, 2017

On September 18, 2017, Impax Asset Management Group plc announced it will acquire Pax World Management LLC for $52.5 million with additional contingent payments of up to $37.5 million.

With respect to the purchase price, the existing shareholders — principally the Shadek family, who own 83.3% of Pax World Management LLC (“Pax”) — will receive up $44.2 million at the closing, with possibly another $31.1 million in 2021. Further, the management shareholders, who hold 16.7% of Pax equity, will receive at least $8.3 million of Impax Asset Management Group plc (“Impax”) shares in 2021 as well as up to $6.3 million of contingent payments.

After the closing, Pax will be renamed Impax Investment Management (US) LLC, but its management team will remain in place. In addition, Pax’s President and CEO Joe Keefe will report to Impax’s chief executive as well as join the board of Impax Asset Management Ltd., which is Impax’s investment management subsidiary in London.

Founded in 1971, Pax is an investment manager located in Portsmouth, New Hampshire. It focuses on actively and passively managed equity and fixed income, with approximately $4.496 billion in assets under management.

Impax is an investment management group, founded in 1998. It specializes in global public equity and private equity strategies, with approximately $9.367 billion in assets under management.

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Categories

Investment Manager M&A, Mutual Fund M&A, Transactions