TriState Capital to Acquire The Killen Group

December 23, 2015

On December 16, 2015, TriState Capital Holdings, Inc. entered into a definitive asset purchase agreement to acquire The Killen Group.

The all-cash transaction is valued at approximately $30 to $35 million.  The initial purchase price was $15 million. An estimated $15 to $20 million of contingent consideration may be earned based on incremental growth on December 31, 2016. 

Upon closing, TriState Capital Holdings, Inc. (“TriState”) plans to integrate The Killen Group’s (“TKG”) personnel and operations into TriState’s subsidiary, Chartwell Investment Partners (“Chartwell”). All TKG personnel are expected to join Chartwell. Together, TKG and Chartwell will reach a total of $10.1 billion in assets under management.

TriState is a Pittsburgh-based bank holding company providing commercial banking, private banking and investment management services to middle-market companies, institutions and high net worth individuals. Chartwell serves institutional clients and TriState’s financial intermediary network. TKG provides investment advisory services to individuals, corporations and non-profit organizations. 

The transaction is expected to close in the second quarter of 2016.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions