TriState Capital completes the acquisition of The Killen Group

May 9, 2016

On April 29, 2016, TriState Capital Holdings, Inc. closed its acquisition of The Killen Group, Inc., with estimates of the total value of the transaction dropping from $30 million to $35 million at the announcement of the deal in December 2015 to a present estimated value of $15 million to $20 million.

The estimated total value of the all-cash transaction includes the initial purchase price of $15 million, which is five times the EBITDA base of The Killen Group (“TKG”). In addition, the estimated contingent consideration is based on seven times the incremental growth in TKG’s run-rate EBITDA over $3 million.

As part of the transaction, TriState Capital Holdings, Inc. (“TriState”) will integrate TKG’s personnel and operations into the TriState-owned Chartwell Investment Partners, while maintaining TKG’s Berwyn Funds brand. As a result, Chartwell Investment Partners’ assets under management will grow to more than $10 billion.

TriState is a bank holding company that is based in Philadelphia, Pennsylvania. It provides commercial and private banking as well as investment-management services to middle-market companies, institutional clients and high-net-worth individuals.

TKG is located in Berwyn, Pennsylvania. Its Berwyn Income Fund had a net asset value of $1.7 billion at March 31, 2016.


Categories

Investment Manager Strategic Investments, Mutual Fund Private Equity, Transactions