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Fiera Capital Corp Announces Closing Of Acquisitions Of Bel Air Investment Advisors And Wilkinson O'Grady & Co


Thursday, 31 Oct 2013 08:01am EDT 

Fiera Capital Corp announced that it has completed its previously announced acquisitions of Los Angeles, California based Bel Air Investment Advisors LLC as well as its affiliate Bel Air Securities LLC (collectively Bel Air), and New Yorkbased investment manager Wilkinson O'Grady & Co., Inc. (Wilkinson O'Grady) (the Transactions). These acquisitions add approximately CAD8.5 billion in assets under management to Fiera's private wealth sector. The aggregate purchase price in connection with the Transactions amounted to approximately USD156.25 million. The purchase price for the Bel Air acquisition was approximately USD125 million, subject to post-closing adjustments, including USD115 million in cash. The remaining USD10 million will be paid to the selling partners by issuing new Fiera Class A subordinate voting shares (Class A Shares) over a 32-month period. USD15 million of the cash consideration is being held in escrow for a period of three years. The purchase price for the Wilkinson O'Grady acquisition was approximately USD31.25 million consisting of USD29.7 million in cash and USD1.6 million worth of new Class A Shares issued to certain selling shareholders. The purchase price was financed using the net proceeds from the Firm's previously announced CAD105 million private placements of subscription receipts, completed partly through a syndicate of underwriters co-led by National Bank Financial Inc. and GMP Securities L.P. and partly with Natcan Investment Management Inc. 

Company Quote

12.35
-0.15 -1.20%
3:28pm EDT