UK- Capital Dynamics will purchase Westport Private Equity Ltd, a deal that will give the firm a combined worth of more than $5bn worth of investments.
The purchase of Westport from Man Group will be completed by April 2005, subject to regulatory approval. After the transaction is completed, Capital Dynamics will be invested with more than 250 buyout, venture and mezzanine managers around the world, the firm said.
“Westport has a leading position as a private equity advisor in the UK pensions market and is a respected fund of funds investor with the top venture and buyout managers in the US and Europe,” said Thomas Kubr, chief executive of Capital Dynamics. “As the private equity asset class becomes more institutionalised, client needs have and will continue to become more sophisticated. By integrating Westport into our established asset management business, Capital Dynamics can offer global scale with deep local access and will blend a proven investment process with an innovative, solution-driven approach.”
When the deal is done, Capital Dynamics will own a controlling interest in Westport and merge its operations with Capital Dynamics’ existing business. Man’s remaining stake will be purchased by Capital Dynamics over the next two years, based on certain performance hurdles. Further terms were not disclosed. Westport’s CEO, John McCrory, will step down fom his post.
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