Altius Associates has struck a deal to be taken over by a Canadian investment group that will see the private equity adviser and manager merged with a Californian alternatives advisory business.
Altius, which acts as a private equity gatekeeper and advised on or managed $ 30.5 billion as of the first quarter of 2016, is to become part of Pavilion Financial Corp, the Canadian group said in a June 28 statement.
Altius, which has offices in the UK, US and Singapore, will be combined with Pavilion’s Sacramento, California-based alternative asset advisory and consulting unit LP Capital Advisors.
The combined business will be renamed Pavilion Alternatives Group once the deal completes in the third quarter of 2016, according to the statement.
Financial terms of the deal were not disclosed by Pavilion, which said the combined alternatives business will house roughly 70 staff and advise on more than $ 60 billion of assets.
Daniel Friedman, president of Pavilion, said the deal gave the firm the opportunity to grow in Asia and Europe: “From our perspective we have a very broad spectrum of the institutional market in North America and the opportunity to join with Altius is to extend and grow our global footprint.”
He added that the firm is likely to increase its range of services in London, saying: “The London office will continue to grow organically the way it has been. I think that over time we will look at opportunities to expand the services offered out of the London office so that they can reflect the much broader institutional and advisory services that Pavilion has. I wouldn’t say that would happen overnight but it’s definitely something that would make sense.”
Pavilion has a record of acquiring smaller advisory firms – it brought LP Capital Advisors into the fold in May 2014.
Altius Associates’ senior management will retain leadership roles in Pavilion Alternatives Group, according to the statement.