Virtus Investment Partners to Acquire RidgeWorth Investments

December 28, 2016

On December 16, 2016, Virtus Investment Partners, Inc. announced an agreement to acquire RidgeWorth Investments.

Under the terms of the agreement, Virtus Investment Partners, Inc. (“Virtus”) will acquire RidgeWorth Investments (“RidgeWorth”) and certain investments for a total consideration of approximately $513 million. The transaction is expected to close in mid-2017 and is subject to regulatory, shareholder, and client approvals. RBC Capital Markets acted as financial adviser to RidgeWorth, and Barclays Capital and Morgan Stanley acted as financial advisers to Virtus.

Virtus, which is based in Connecticut, is a partnership of boutique investment managers, providing services through its subadvisers and affiliated managers, each with an individual brand and investment process. Following the acquisition, Virtus’ assets under management will increase to $86.8 billion1 on a pro forma basis.

RidgeWorth, which is based in Atlanta, Georgia, is a multi-boutique asset management firm providing a variety of fixed income and equity strategies to institutions and individuals. As of September 30, 2016, RidgeWorth, its affiliated investment managers and unaffiliated subadvisers have approximately $40.2 billion1 in assets under management.

1 Figures provided for RidgeWorth are not adjusted to account for double-counted assets.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions