On January 3, 2023, Lorne Park Capital Partners Inc. announced the acquisition of a majority stake in Promus Asset Management.
Under the terms of the transaction, Lorne Park Capital Partners Inc. (“Lorne Park”) will acquire 80% of the membership interests of Promus Asset Management, LLC (“Promus”). Lorne Park will pay $4,489,382 to complete the transaction, of which $3,120,000 will be paid at closing. The remaining $1,369,382 will be paid on the first anniversary of the closing. Promus will operate as a subsidiary of Bellwether Investment Management USA, Inc., a wholly-owned subsidiary of Lorne Park.
Lorne Park, based in Oakville, Ontario, is a boutique investment management and wealth advisory firm. Lorne Park manages over $2.5 billion in client assets.
Promus, based in Dallas, is registered investment advisor with approximately $430 million in assets under management.
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