Tristate Capital Holdings Inc to acquire Chartwell Investment Partners

Tuesday, 7 Jan 2014 04:15pm EST 

Tristate Capital Holdings Inc:Says it has entered into a definitive asset-purchase agreement to acquire Chartwell Investment Partners, L.P., an investment management firm.Says it has estimated the transaction value to be about $60 mln, comprised of a purchase price of about $45 mln, payable in cash, and estimated earn-out consideration of about $15 mln to be finally determined based on the growth in profitability of Chartwell in 2014.Says its legal advisor on the transaction is Keevican Weiss Bauerle & Hirsch LLC.Says Stephens Inc. served as financial advisor and provided a fairness opinion to TriState Capital. Chartwell`s legal advisor is Pepper Hamilton LLP. 

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