The transaction is valued at approximately $513 million.
On December 16, Willkie client Virtus Investment Partners, Inc. announced its agreement to acquire RidgeWorth Investments, a multi-boutique asset management firm with $40.2 billion in assets managed by affiliated investment managers and unaffiliated subadvisers. RidgeWorth is owned by its employees and investment funds affiliated with Lightyear Capital. The transaction will provide strategic and financial benefits and increase Virtus' assets under management to $86.8 billion on a pro forma basis.
The transaction values RidgeWorth at $472 million and Virtus will also acquire certain investments at their fair value as of closing, for total consideration of approximately $513 million. The acquisition will add complementary institutional-quality equity and fixed income strategies from RidgeWorth's boutique managers, who will continue to operate independently, maintaining their teams, culture and distinctive investment processes.
Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors.
The Willkie deal team was led by partners David Boston and Danielle Scalzo and included partners Jeffrey Goldfarb, Benjamin Haskin, Jordan Messinger and Christopher Peters; counsel Ajanaclair Lynch; associates Jonathan Kubek, Anne Choe, Geri Anne McEvoy, Frances Dales and Corey Casbarro; and law clerk Ann-Christine Stepien.