Eaton Vance Corporation in Boston has expanded its institutional business with the acquisition of 70% of Atlanta Capital Management Company for $75m.
Atlanta Capital's employees will continue to hold 30% of the equity of Atlanta Capital.
Atlanta Capital will become an indirect subsidiary of Eaton Vance and will operate as a distinct and autonomous business unit.
Commenting on the acquisition, Eaton Vance chairman and CEO, James Hawkes said: Atlanta Capital's impressive performance within its investment disciplines, which focus on quality large cap growth and small cap value equities as well as taxable fixed income, complement our current portfolio capabilities.
Atlanta Capital was founded in 1969 and is led by three managing partners, Daniel Boone, William Hackney and Walter Reames. Atlanta Capital will retain autonomy in its investment processes and management structure and will remain headquartered in Atlanta. All employees of Atlanta Capital will become shareholders of Eaton Vance as a result of the acquisition and/or the Eaton Vance employee stock option and stock purchase programs.
UBS Warburg acted as financial advisor to Eaton Vance in connection with the transaction. Berkshire Capital and Cambridge International Partners acted as financial advisors to Atlanta Capital.
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